Lee & Associates – North San Diego County Land Team Sells Colrich Communities a 140 Unit Entitled Site on 7.08 Acres in Temecula, CA
TEMCULA Calif.—October 17, 2014—Colrich Communities, a family run real estate development and investment company based out of San Diego, has purchased 7.08 acres in Temecula with plans to develop a multi-family site of approximately 140 apartment units. The land parcel, located on Pujol Street near Old Town Temecula and known as Shearwater Creek, was entitled by the seller before being sold. Details of the transaction price are not available.
The seller, Ambient Communities, was represented by Matt Weaver, Al Apuzzo, and Patrick Miller of Lee & Associates – North San Diego County.
”The transaction is emblematic of the improving market for multi-family development opportunities in the Inland Empire. The buyer chose this property because of its close proximity to Old Town Temecula,” said Weaver. “Its location within the Temecula school district coupled with the fact that rental vacancy is below 5% in the area made this a highly desirable project. At the end of the day, Colrich was the perfect buyer for it.”
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