A 94-unit luxury boutique apartment building is beginning to take shape in San Diego’s North Park neighborhood. Developed via a partnership between Malick Infill Development, Titan Development and Thornburg Real Estate Ventures, the project is expected to be completed by the summer of 2023.
The new apartment units will be located at 4250 Oregon Street next to the North Park Water Tower. The project will be Titan’s first project in San Diego and is being funded in part by the company’s Titan Development Real Estate Fund II, which raised $95 million before closing in February of 2020. Once completed, the building will stand six stories and total 53,805 square feet.
“We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market particularly as work-from-home flexibility has risen nationally, and more and more people have chosen to relocate to this appealing city.” Ben Spencer, Partner and a Principal of Fund Management at Titan, said in a statement.
As a boutique apartment complex, the building will be made up entirely of small units, no more than 800 square feet in size. The building will offer a mix of market rate unit types as well as five units designated for affordable housing.
Additionally, the development will feature 11,500 square feet of commercial space on both the ground and top floors. The commercial portion of the building will include a mix of co-work, small office and retail space.
Designs for the project come from Malick Infill Development. According to the company, the site will take an underutilized lot and develop it with a contemporary building rising in the shape of an “L” above the ground floor retail. The development will also feature communal gathering spaces on the top floor, with large glass windows offering views of San Diego.
Taking shape in the highly walkable North Park neighborhood, future tenants will also have access to a number of retail and dining amenities along El Cajon Boulevard. Also nearby is the North Park Community Park, which provides a variety of recreational uses.
The area is also highly developed with many other multifamily assets. Nearby, apartment buildings include Vida North Park Apartments, BLVD North Park Apartments, The Evelyn and many others.
In general, San Diego’s multifamily market has experienced significant growth over the past year. According to a first quarter multifamily market report from Kidder Mathews, San Diego’s multifamily market has seen a 27 percent decrease in vacancy from 3.3 percent in the first quarter of 2021 to 2.4 percent in the first quarter of 2022. At the same time, multifamily rental rates have increased by nearly 12.5 percent to an average of $2,122 per month. While the market is experiencing a lack of availability, the report also shows there are currently 10,275 units under construction in San Diego.
