Touchstone Communities, a San Diego-based real estate investment and land development company, and Värde Partners, a global alternative investment firm, announced on Monday the acquisition of two fully-entitled development sites in North San Diego County, California. The properties will collectively form San Diego’s newest master planned community called Park Circle.
Located in Valley Center, Park Circle will provide a total of 632 homes, a neighborhood retail center, a centrally located public park, three private recreation facilities, private parks, dog parks, sports courts, community gardens, and an extensive trail network.
“Park Circle will provide an opportunity for couples and families of all ages to purchase a home in a safe, walkable environment, where they can experience a lifestyle and vibe that has proven to be successful in other north county master planned communities like 4S Ranch and Del Sur, but at Park Circle the homes are at more affordable price points,” said Addison Garza, Executive Vice President of Touchstone.
Park Circle is anticipated to provide some of the most affordably priced single-family homes in North San Diego County, offering eight different home types to serve the needs of a diverse mix of home buyers. Home sizes will range from approximately 1,600 to 3,400 square feet including single story homes on larger lots. Fifty-two homes are reserved as affordable housing for qualified low-income buyers. Park Circle will be the new heart of Valley Center and is the major component of what is known as the South Village. It is ideally located within a short commute to North San Diego County’s largest employment centers.
“Värde has extensive experience in residential real estate development globally, and we believe the investment in Park Circle is a well-timed opportunity to deliver much needed housing in a highly constrained market,” said Brendan Bosman, managing director of U.S. Real Estate at Värde Partners. “We are excited to partner with Touchstone on this project.”
Touchstone expects to break ground in mid-2018 with a grand opening expected in mid-2019.
