A joint venture between Wermers Properties and R&V Management has acquired Carlsbad Village Lofts, a property at 1044 Carlsbad Village drive in Carlsbad, California, for an undisclosed sum, according to a release from a representative of Wermers Properties. The new owner plans to develop a residential mixed-use community that includes roughly 9,500 square feet of retail and 106 residential apartment units, the release says.
SoCal Real Estate reached out to the representative for more information about the sale price, but the representative said this information was not available.
Possible features and amenities the JV is considering for the project include new retail options, an entertainment club room, a fitness gym, landscaped private courtyards, a rooftop deck, and a swimming pool and spa, according to the release.
Wermers Properties’ Austin Wermers, development manager for the project and a Carlsbad resident, is quoted in the statement as saying, “Carlsbad Village Lofts contributes to the need for new housing and fresh retail in Carlsbad Village.”
The R&V management executive team for the project adds in the statement, “Carlsbad Village Lofts is an innovative and luxurious mixed-use development that will bring the best of upscale coastal living together with small town charm, convenience, and a great atmosphere.”
The project is close to North County San Diego beaches, restaurants, and attractions including Legoland and the Flower Fields.
Wermers and R&V have partnered together on other San Diego projects. As we reported in August, the two companies developed Sola at Pacific Highlands Ranch, a group of luxury rental homes at 13385 Highlands Place in the Carmel Valley area of North County San Diego, which began leasing this summer. The project contains 252 homes with close proximity to retail and award‐winning schools.