CEDARst, Quartz Lake Plan San Diego Community
Construction will start in the second quarter.

FLATs Bancroft is expected online in the first half of 2026. Image courtesy of CEDARst Cos. and Quartz Lake Capital
CEDARst Cos. and Quartz Lake Capital are developing a multifamily project in San Diego, FLATs Bancroft, which break ground in the second quarter of this year. The community is expected to be online in May 2026.
The process began when the joint venture acquired a less than one-acre site from the North Park Baptist Church, which is located across the street from the future residences. The site includes six lots that the church had accumulated over time, which will be developed into a $103 million rental community. The joint venture has tapped JWDA Architecture and Suffolk Construction as part of the development team.
FLATs Bancroft will include 218 units comprising studio and one- and two-bedroom apartments, with 10 percent of the units being designated as naturally occurring affordable housing and deed-restricted affordable units. The units will be built with balconies, state-of-the-art appliances, keyless entry, smart-home setups, and in-unit washers and dryers. The community’s amenities will include a fitness center, pool, spa area, golf simulator, coworking lounge, an amenity deck that features an entertainment lounge and 193 garage parking spaces.
Located at 3760 and 3794 Bancroft St., FLATs Bancroft will also include more than 3,000 square feet of ground-floor retail space that will suit coffee shop or other food and beverage tenants. The community will be within walking distance of University Avenue and 30th Street, an area that features many retail, restaurant, art and music venues.
Second joint project in San Diego
Prior to FLATs Bancroft, the two companies had teamed up to develop a similar property: FLATs Hillcrest, a 301-unit multifamily community in San Diego’s Hillcrest submarket. These two San Diego projects are a part of a partnership between CEDARst and Quartz Lake that was announced in late 2021. The joint venture’s goal is to invest $300 million of equity in Class A developments totaling $750 million in total cost with projects ranging between $75 million and $200 million.
CEDARst plans to deliver 2,675 units over the next three years. The company’s development pipeline includes 4135 Park Blvd., a 190-unit community that borders three San Diego neighborhoods: North Park, Hillcrest and University Heights. CEDARst broke ground on that project, alongside equity partner Bridge Investment Group, in April 2022, with plans to deliver later this year. Overall, the company’s portfolio totals more than 7,500 units, including properties in Chicago, Portland, Minneapolis and Cleveland.