The buyer has shelled out $4 million for the land, which is located at Old Ranch and Rockwood roads, just west of the San Diego Wild Animal Park. New Urban West intends to transform the parcel, which is the former home of the Brower Dairy, into an 80-unit gated residential community called Rancho Vistamonte. Units here will encompass a minimum of 3,000 sf, with lots averaging 15,000 sf.

Terry Jackson of Burnham Real Estate Services ONCOR International acted on behalf of New Urban West, as well as seller Mutual Assets No. 6 Ltd.

With San Diego County's continued population growth and lack of available land, parcels that can accommodate residential projects are fetching a premium. There seems to be no end in sight for the residential market here, as sale prices for both single-family homes and multifamily product continue to skyrocket.