Presidio Residential Capital and Cornerstone Communities have purchased 44 acres in the Otay Ranch area of Chula Vista. The property commanded $128 million.
Development of housing will begin next year, with the residential firms ranging from 1,800 to 3,400 square feet. There are already many homes in Otay Ranch. The area also offers other housing, retail centers and parks.
The undertaking has already broken ground on projects in Carlsbad, Oceanside and Bakersfield.