Aviara Plans to Build and Hold Laurel Tree Lane as a Long-Term Investment

A 10.2-acre development site will deliver much-needed housing in Carlsbad after its recent sale for $26.25 million. The property is located at 6145 Laurel Tree Lane and was fully entitled by the seller, SummerHill Apartment Communities, for 329 apartments.

The buyer, Aviara LP, is a partnership of R & V Real Estate and Wermers Properties. The buyer plans to build the project per the approved entitlements and hold it as a long-term investment.

Victor Krebs and Gunder Creager of Colliers represented the seller. The buyer was self-represented.

“The Aviara apartments was a rare opportunity to acquire one of largest multifamily sites in Carlsbad in the last 30 years. The seller designed and entitled a great project that generated very strong interest from the top apartment firms. This project will set a new benchmark for quality in Carlsbad and will deliver much-needed housing in the city. The site is near the fast-growing employment base in Carlsbad in addition to offering easy access to the shopping and recreation amenities nearby,” said Krebs.