In a joint venture, Mountain Real Estate Capital (MREC) and Davidson Communities, LLC have acquired the Fairbanks Country Villas development in San Diego, California. Located in the Torry Highlands sub-market, which has one of the highest performance records in San Diego County, the Villas is a 92.7-acre parcel with 85 single-family detached residential lots.
MREC CEO Peter Fioretti was very excited about this acquisition with the Davidson team, which they had been pursuing for several months.“Fairbanks Country Villas represents a great investment opportunity and allows MREC to continue to grow its platform in San Diego with Davidson Communities.”
Torry Highlands is a residential area in San Diego, which is home to 2,401 people living in 227 households. It has grown exponentially from 8 people in 2 households in 2000, when major development began.
“We’re confident that the strength of our partnership with Mountain will allow us to discover similar opportunities as the Southern California market continue its recovery,” remarked Bill Davidson, president of Davidson Communities.
Davidson has won 14 Grand SAM Awards, the most prestigious design award from the San Diego Building Industry Association’s Sales & Marketing Council. MREC is one of the leading equity capital providers for builders and land developers. Last year alone, MREC and 15 homebuilder partners acquired 7,800 lots, providing $155 million for the projects.
MREC and Davidson collaborated to close on The Sentinels at Del Sur, also in San Diego, in August of 2010. The Fairbanks Country Villas transaction closed on January 26, 2011.