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SAN DIEGO, CA-JMI Realty Inc., the locally based real estate investment firm, has taken its multifamily development business and transformed it into a stand-alone real estate company. The change, which went into effect on the first day of September, has resulted in the creation of Casoleil Residential.

The new company, which is co-owned by shareholders E. Garth Erdossy and Mark A. McCammon, centers on the development and redevelopment of class A residential communities in Southern California. It is currently finishing construction on a 346-unit, $46-million luxury apartment complex in Otay Mesa and plans to develop both low- and high-density communities throughout the Southland. According to company officials, Casoleil Residential will target both urban and suburban locations in San Diego, Orange, Los Angeles, Riverside and San Bernardino counties.

According to JMI Realty’s CEO and president John C. Kratzer, the company decided it was an opportune time to create Casoleil Residential due to several factors, including current market dynamics and the unabated demand for housing here. The firm plans to remain a primary equity investor in existing Casoleil Residential projects.

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