Ryan Cos. JV Opens San Diego-Area Property
This is the developer’s second project within a local master-planned community.
Ryan Cos. and Strata Equity Group have opened VAYA on Axia, a 278-unit community in Chula Vista, Calif., within metro San Diego. The duo broke ground on the project two years ago, financing its construction with an $85.4 million loan issued by Banc of California.
The property encompasses one- to three-bedroom layouts ranging between 616 and 1,416 square feet. Common-area amenities include a resident clubhouse, gym, as well as a public coworking space and podcast studio.
VAYA on Axia rises at 1910 Axia Way within Millenia, a 210-acre urban hub by Meridian Development set to comprise 3,000 multifamily units, 2 million square feet of office space and 1.5 million square feet of retail space. The hub is part of the Otay Ranch master-planned community, approximately 20 miles southeast of downtown San Diego.
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The community is Ryan’s second ground-up development at Millenia after The Avalyn, which came online in 2022. Blackstone acquired that 480-unit property for $210 million in 2024, Yardi Matrix data shows.
“Otay Ranch stands out for its high quality of life, strong schools, newer and diversified housing stock, and master-planned communities such as Millenia,” Daniel Bertao, vice president of real estate development at Ryan Cos., told Multi-Housing News.
Ryan is the largest multifamily developer within the masterplan, according to Bertao. With Millenia being nearly fully completed, there aren’t many other new construction prospects inside the community, but the company will seek other opportunities in Otay Ranch and Chula Vista.
Deliveries temper rent growth in San Diego
San Diego’s completions made up 3.2 percent of stock on a trailing 12-month basis in April, according to a recent Yardi Matrix report. The market’s inventory growth rate outpaced other California metros such as Los Angeles (2.0 percent) and San Francisco (1.7 percent).
Homefed Corp. boosted the market’s completion count this year, with deliveries inside Otay Ranch, the data provider also shows. The company brought online Luminary at Cota Vera and Stirling at Cota Vera, two different properties totaling 539 units. These two communities are less than 3 miles away from VAYA on Axia.
On account of such a supply glut, San Diego’s advertised rent pattern exhibited Sun Belt traits, leading to a negative rate movement of 1.2 percent. Meanwhile, rates in San Francisco ticked up 4.1 percent, while rents in Los Angeles softened 0.3 percent.
