March 28, 2007
San Diego, California/March 28, 2007 — Avalon Bay Communities, Inc. has purchased, for an undisclosed amount, the partially improved "Fashion Walk" project located in the Mission Valley area of San Diego from DR Horton, Inc. to construct 161 "for rent" condominiums.
Avalon Bay purchased the 1.8 net acres site, located on the northwest corner of Friars Road and Ulric Street across from the world renowned Fashion Valley Center, with the intentions of building out the fully improved site which has a recorded final map and building permits in place. The "for rent" condominiums will range in size from 1 bedroom/1 bath 706 square feet to 3 bedroom/2 bath 1,495 square feet.
DR Horton acquired the approved site under its Western Pacific Housing Banner in 2005. After perfecting the approvals and completing the architecture it commenced the site development including grading, off-site improvements and construction of a major retaining wall.
Avalon Bay Communities, Inc. is in the business of developing, redeveloping, acquiring and managing high-quality apartment communities in the high-barrier-to-entry markets of the United States. These markets are located in the Northeast, Mid Atlantic, Midwest, Pacific Northwest and Northern and Southern California regions of the country. At December 31, 2006 Avalon Bay owned or held interest in 167 apartment communities containing 48,294 apartment homes in ten states and the Distinct of Columbia, of which 17 communities were under reconstruction.
D.R. Horton, coined America's Builder, is the largest homebuilder in the United States, delivering more than 53,000 new homes in its fiscal year ended September 30, 2006. Founded in 1978 in Fort Worth, Texas, D.R. Horton has expanded its presence to include communities in 84 markets in 27 states. The company is engaged in the construction and sale of high quality single-family detached homes, town homes, duplexes, triplexes and condominiums with sales prices ranging from $90.000 to over $900,000. D.R. Horton also provides mortgage financing and title services to homebuyers through DHI Mortgage and DHI Title.
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 $2 billion in transactions since 1993. A non-traditional real estate firm GW Realty Co. concentrates their efforts on key relationship with a select group of clients and properties. Due to the decreasing supply of available development properties, GW Realty Co. is continually searching for and finding infill development opportunities.
Mr. Graham G. Weiss represented the Buyer in this transaction. For additional information regarding this transaction or other infill opportunities please contact Mr. Weiss at 858.622.7171 or via email at graham@dirtdeals.com.