Demand Running High for San Diego’s New Domain by Alta
- Aug 13, 2012
San Diego—Wood Partners, developer of the new $90 million luxury apartment community Domain by Alta-San Diego, has announced that the community is already 30 percent leased, a little more than two months after its June opening.
Situated in San Diego’s master-planned 244-acre Spectrum Center business park, Domain by Alta-San Diego features 379 apartment homes in two four-story rental apartment buildings above two levels of below-grade parking, with room for 750 vehicles. The community offers an optimal mix of apartment sizes, featuring 23 studios, 197 one-bedrooms and 159 two-bedroom apartment homes. Affordability requirements are met by 35 units, Wood Partners reports.
The community’s quality stacks up well against competitive local rental communities. All units feature granite countertops, stainless steel appliances, in-unit washers and dryers and wood laminate flooring. Common-area amenities include a large pool with cabanas, spa, barbecue pits, waterfall and trellises.
The two-story clubhouse serves up reclaimed teak floors, and its second-story, 1,200-square-foot outdoor deck overlooks the pool and state-of-the-art fitness center. In addition, a two-acre public park built by Wood Partners spreads out next to the development on a city of San Diego-owned parcel of land.
Another quality that beckons to upscale renters is the community’s convenient location. In addition to the commuting conveniences of literally being within a business park, Domain by Alta—San Diego is midway between Interstates 805 and 15, and only one mile south of Rt. 52. That location makes it easy for residents to reach downtown San Diego, the local beaches and Mission Valley.
“This is Wood Partners’ first new apartment community in San Diego, and we’ve already experienced positive leasing interest from the community due to the project’s unique design elements and vast amenities,” says director Brian Hansen, who supervises Wood Partners’ Southern California development projects.
“Market conditions are certainly better now than when we bought the property and started construction. And we were optimistic even then, because of the strategic location of this property.”
San Diego is a market in which Wood Partners envisions enormous potential, Hansen adds. “The supply of apartments is low, the overall vacancy rate is tight and the job market is starting to turn around,” he observes.