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Lennar Corp. has acquired a massive and rare 41.5-acre development site in San Diego with plans to build a 601-home community. Like other markets in Southern California, San Diego has a housing shortage. This new home community, which is set to deliver next year, aims to address the need for more housing supply with a broad mix of home styles, including 99 single-family homes, 105 triplex homes, 120 townhomes and 277 apartments.

“Demand for housing in general in San Diego continues to outstrip supply annually,” Kevin Nolen, a director at Cushman & Wakefield, tells GlobeSt.com. “Single-family housing demand in the entry-level category continues to be one of the places that continues to shine, despite some overall sluggishness in housing demand due to an increase in interest rates. The area the project is being developed is known for larger single family homes, so the entry level housing being built will be welcome for buyers looking to be in the area but have previously been priced out.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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