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Investec sells $10M property

By   /   Monday, November 1st, 2010  /   Comments Off on Investec sells $10M property

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Investec Real Estate Companies announced Oct. 27 that it has sold a 12-acre residential property in Carpinteria to a developer who plans to build 73 homes there next year.

The property, which is part of the Lagunitas mixed-use development, sold for $10 million, Investec said. Investec will keep the 13-acre office portion of Lagunitas.

The buyer was MD2 Communities, a joint venture between two builders, Scott Dinovitz of D2 Development and Craig Mattey of the Mattey Group. The property comes with full permits for residential development, and MD2 expects to start in the spring on 37 single-family homes, 25 town homes and 11 affordable units.

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