December 20, 2006
Kearny Mesa, California/December 20, 2006 — Simpson Housing LLLP has closed escrow on approximately 6 acres of land located on the east side of Kearny Villa Road, just east of the 805 Freeway The site was purchased from Fairfield Kearny Mesa L.P. with entitlements in place to construct 288 apartment units and a 20,000 SF office building; 10% of the units have been set aside as affordable housing.
Fairfield Residential is one of the largest and most respected apartment builders in the nation, and over the past 4 years, Fairfield worked very closely with residents and Councilwoman Frye's office, and acquired the necessary approvals for the development from the City San Diego. The development was purchased with all discretionary approvals in place; Simpson will finish engineering the site and designing the product. The development, "Parkview at Aero Court", will consist of 4 stories of living area over two levels of structured parking, and will reflect a Mediterranean style of architecture. The 20,000 SF office building will be 2 story concrete-tilt-up with designated and separate parking within the parking structure.
Simpson Housing LLLP is a national multi-family developer headquartered in Denver, Colorado.
Mr. Scott Goligoski of GW Realty Company has been working with Fairfield since the property was initially placed under contract, and represented Fairfield in the transaction.
Mr. Goligoski's focus is predominantly in the County of San Diego where he targets under-utilized properties which make sense for redevelopment. To discuss this project or other infill opportunities in San Diego County, Mr. Goligoski can be contacted at (858) 622-7171, scottg@dirtdeals.com.
GW Realty Co. specializes in real estate brokerage and valuation consulting with an emphasis in residential land throughout Southern California, and has been involved in over $1.8 billion in transactions since 1993. A non-traditional real estate firm, GW Realty Co. concentrates their efforts on key relationships with a select group of clients and properties.