San Diego Multifamily Wrap-Up – August 2020
- Sep 04, 2020
As the pace of new confirmed COVID-19 cases is slowing down in California, state authorities are adopting a reopening plan based on monitoring local and county-level hotbeds. Meanwhile, Gov. Gavin Newsom signed a bill extending the state’s eviction moratorium through January of next year, which supersedes the recent federal action taken by the CDC. In the meantime, San Diego’s multifamily sector is holding relatively steady, but is still facing its share of uncertainty. However, activity did not grind to a halt, as development maintained a steady pace. Read our August selection of San Diego must-knows:
1. OPERATIONS – Sunrise Management adds eight communities to portfolio.
The properties, which total 155 units, are primarily located in urban San Diego and owned by Pathfinders Partners. Sunrise is slated to handle leasing, day-to-day operations and assist with approximately $2.6 million in capital improvements. With these latest additions, the management company oversees more than 6,000 units throughout Southern California.
2. DEVELOPMENT – Lennar opens new property within masterplanned community.
Vibe features six three- and four-story, contemporary townhome designs. The interiors includes open-concept entertaining areas, spacious kitchens and first-floor offices. The townhomes range from 1,681 to 2,552 square feet, with three to four bedrooms. Common-area amenities include a swimming pool, fire pit and playground. Located in Chula Vista, Vibe is within the Millenia masterplan community, which is 6 miles from Interstate 805.
3. DEAL – Spring Valley asset trades for $5.7 million.
Benn Vogelsang and Brendan Flynn of South Coast Commercial represented the buyer and seller, two private investors, according to San Diego Business Journal. The property comprises 28 two-bedroom units of about 975 square feet. Located at 8707 Troy St., the community is 6 miles from Interstate 805. The surrounding area offers several retail and dining options, including Grossmont Center, which is 4 miles from the asset.
4. DEVELOPMENT – Gilliland Construction Management breaks ground on 196-unit property.
The City Heights project is slated to add 117 low-income senior housing units, as well as nearly 80 family apartments. Planned amenities include community rooms, gardens and a play area. Emerson Construction is the general contractor for the five-story property. Rob Wellington Quigley designed the project. Completion is scheduled for 2022.