Ryan Cos. JV Breaks Ground on San Diego Luxury Project

Ryan Cos., in a joint venture with Strata Equity Group Inc., has broken ground on Millenia Lot 19, a 278-unit luxury multifamily project in Chula Vista, Calif. The partners obtained an $85.4 million construction loan from Banc of California with a 3-year maturity date subject to two extensions, according to public records.

Ryan acts as the project’s builder, while Ark Architects Inc. provided architectural services. The first units are expected to come online in 2025’s fourth quarter.

Set to comprise four buildings across 7.5 acres, the development will encompass studio and one- to three-bedroom floorplans ranging between 612 and 1,691 square feet. Community amenities will include a gym, a clubhouse, a rooftop deck, a public coworking space, bike maintenance and storage facilities, green spaces, EV charging stations, as well as solar panels. Furthermore, the project is slated to comprise 1,180 square feet of commercial space.

Located at 1902 Millenia Ave., the site is part of the $2 billion Millenia master-planned community, where a 273-unit asset traded for $116 million in February. Flanked by California State Route to the west, the project is roughly 10 miles southeast of Chula Vista’s city center. Otay Ranch Town Center, an open-air shopping mall providing entertainment, dining and retail options across some 100 stores, is less than 1 mile away.

Chula Vista’s multifamily supply pipeline

According to a recent Yardi Matrix report, Greater San Diego had 12,844 units under construction in December, with 4,907 being added to the pipeline in 2023 alone. Chula Vista contributes to the metro’s pipeline with more than 1,000 units underway as of March 2024, Yardi Matrix data shows.

Developers brought online 2,925 units across the metro in 2023, with Chula Vista boasting 35 percent of the new supply, at 1,026 units, the same source reveals. One of the completed projects was The Avalyn, a 480-unit community also owned by Ryan Cos.