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Lennar Division Buys SD Church Property for $35M

Mixed-Use Apartment Project Planned in North Park
January 31, 2018
An affiliate of Lennar Multifamily Communities (LMC), which itself is a unit of Florida-based homebuilder Lennar Corp., has acquired the New Vision Christian Fellowship Church property in San Diego’s North Park neighborhood for $35 million.

The buyer purchased the land and facilities on a 2.2-acre campus at 4353 Park Blvd. that was owned by the church. Brokers at Retail Insite said the sale is the first phase of an assemblage of properties that will be used by LMC for a planned new multifamily and mixed-use development.

New Vision will continue to operate on the site as Lennar seeks city approvals, and the church will be planning several new facilities in the region to serve its congregation and the community.

Lennar had not submitted formal plans to the city for the North Park project as of late January, and officials at the company could not be reached for further details.

LMC is currently nearing completion on Shift, a mixed-use, $120 million apartment high-rise with 368 units in downtown San Diego’s East Village, and it recently obtained city approvals for Luma, a 220-apartment, mixed-use high-rise planned for downtown’s Little Italy. LMC announced property acquisitions for both of the downtown projects in 2015.

Mike Moser of Retail Insite handled the latest North Park deal, representing the buyer and seller.

Please see CoStar COMPS #4120220 for more on the transaction.

Lou Hirsh, San Diego Market Reporter  CoStar Group   
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