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Homebuilder Enters Apartment Development Arena

SAN DIEGO-A publicly traded homebuilder has announced that it is developing a Del Mar Heights project as part of a strategy to diversify into apartment construction and leasing.

By Randyl J. Drummer | Updated on July 10, 2001

SAN DIEGO-Calprop Corp. has announced that it is building a Del Mar Heights project as part of a strategy to expand its business reach into apartment construction and leasing.

The publicly traded company’s new initiative includes “two prime, high-quality projects with excellent prospects.” Its Andalucia project is located in Del Mar Heights, where the company is developing 181 luxury town home-style apartments for lease, according to Victor Zaccaglin, chairman and chief executive officer.

The company, based in Marina del Rey, has completed 34 units so far, with 19 already leased. With construction proceeding at a rate of 15 units per month, the company expects the project to be fully completed in February.

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