This week it was announced that the last remaining piece of vacant land in McCormick Ranch was sold. The 6.5 acre piece, located adjacent to Ajo Al’s and Sentry Insurance at San Victor and 91st St, is slated for apartments to be built by Standard Pacific Homes. The irony here is that Mark Taylor Residential, a prolific apartment builder, sold ripe apartment land to a homebuilder, who will be building apartments.
Personally I think a play for upscale townhomes or condominiums could have been a possibility here, especially with the recent success of Veritas in McCormick Ranch. As the market has come roaring back, Veritas has gone from an unfinished, distressed project to 50% sold out. However Standard Pacific is opting for apartments in this rental-needy marketplace.
According to this article, apartment demand continues to outpace new construction, with vacancy rates pushing down toward 7.5%.
Gary May and Gene Montemore have vast experience in land sales. If you are an apartment builder, developer, or residential builder, we can help you find infill land for your next project.