Transaction Overview
GSP has successfully sourced the purchaser for a fully entitled multifamily site in North San Diego County. Originally engaged to place the construction debt & equity, GSP identified an institutional investor during its marketing efforts with an offer to purchase the entitled land. Using their development expertise, GSP’s Client rezoned the industrial land for transit-oriented, multifamily development in 2012. The 400-unit development site is adjacent to a light rail station providing direct access to all of North San Diego County. GSP secured the off-market offer allowing for the Sponsor to profit approximately 50% of their promoted development earnings.
