CEDARst Cos., together with equity partner Bridge Investment Group, plans to break ground this month on 4135 Park Blvd., a 190-unit community in San Diego. Suffolk Construction is the general contractor, with Studio E being the architect.
Working on behalf of the developer, JLL secured a $43.5 million construction loan from BMO Harris Bank. The $74.4 million project is slated for delivery in 2024.
The San Diego community is the second project of the CEDARst-Bridge partnership; the first was TimberHouse, a 226-unit community underway in Vancouver, Wash. The two companies joined forces in October, intending to develop properties in Opportunity Zones across the U.S.
The joint venture is focusing on transit-oriented multifamily projects aiming to renew underserved communities in Opportunity Zone markets by investing in building sustainable neighborhoods. As such, 4135 Park fits within Bridge’s mandate, David Coelho, CIO of Opportunity Zone Funds, said in a prepared statement.
A Northern San Diego community
The development site edging three neighborhoods—North Park, Hillcrest and University Heights—is next to a Sprouts Farmers Market and within 1 mile of numerous dining options alongside University Avenue. The San Diego Zoo is less than 1.5 miles from the property and downtown San Diego is 3.5 miles away.
Once complete, the property is set to consist of a seven-story building with studio, one- and two-bedroom floorplans, varying from 420 to 770 square feet. Community amenities will include a fitness center, game room, cafe, swimming pool, hot tub and communal kitchen.
CEDARst’s national portfolio includes roughly $2 billion in assets spanning across seven states. Including projects in various stages of development, the company’s unit count surpasses 5,000 apartments.