Murfey Co. Lands $47M for San Diego Development
This project is expected to come online in 2027.

Murfey Co. has secured a $46.5 million construction loan for Stella Apartments, a 149-unit multifamily project in San Diego, Calif. The development is scheduled to break ground in the first quarter of 2025, with completion slated for the second quarter of 2027.Â
JLL Capital Markets arranged the three-year, floating-rate loan through Buchanan Mortgage Holdings LLC—an affiliate of Buchanan Street Partners LP—for the borrower.Â
Stella Apartments will be at 3104 El Cajon Blvd., at the junction of El Cajon Boulevard and Illinois Street. The nine-story residential development will feature 73,243 rentable square feet, as well as units with studio, one- and two-bedroom configurations. Amenities will include a rooftop terrace, gym and an outdoor social space.Â
The project will come online in San Diego’s North Park neighborhood, near Interstate 805. Downtown San Diego is some 4 miles southwest and San Diego International Airport is within 6 miles of the future property. Stella Apartments will also be within 2 miles from several restaurants, supermarkets and other retail options. Â
San Diego’s multifamily market
Earlier this month, JLL Capital Markets arranged a $188 million loan for another multifamily community in San Diego. Sunroad Enterprises’ Vive Luxe is a 442-unit community that came online in 2021 at 4890 Sunroad Centrum Lane, some 6 miles north of Stella Apartments.
The San Diego multifamily market slowed down by the end of last year’s third quarter, a recent Yardi Matrix report shows. Advertised asking rents decreased by 0.2 percent over the three months leading up to September, settling at $2,728. Meanwhile, the national average rent remained steady at $1,750.