San Diego-Area Luxury Community Reaches Completion
Developed by Pathfinder Partners and Silvergate Development in Vista, Calif., the high-end property sits on a 1.5-acre parcel that was initially owned by the California Redevelopment Agency.
Creekside Apartments. Image courtesy of Pathfinder Partners
Pathfinder Partners and Silvergate Development have completed Creekside Apartments, a multifamily community with 41 luxury units in Vista, Calif., just north of San Diego. The community is now 75 percent leased, a level some attribute to a site near newly revitalized downtown Vista.
Sunrise Management has signed on to oversee all marketing, branding, leasing and day-to-day operations at the property, which is located at 215 Vista Village Drive.
Pathfinder Partners acquired the 1.5-acre construction site in November 2016 and started construction the following year.
“We acquired the land from the city of Vista several years ago,” Mitch Siegler, senior managing director of Pathfinder Partners, told Multi-Housing News. “Due to particular circumstances with the city (and) the discontinuation of the California Redevelopment Agency, which initially owned the parcel prior to transferring it to City of Vista, we were able to acquire the land at an attractive price. Because San Diego County is so land- and housing-constrained, it made sense to build apartments on the site.”
Close to attractions
The community features studio, one- and two-bedroom apartments with open-concept floor plans that extend from 480 to 1,135 square feet in size. Apartments offer wood-style plank flooring, quartz countertops, floor-to-ceiling windows and stainless steel appliances in their amply-sized kitchens. Among amenities is a high-end clubhouse.
“We benefitted from attractive cost basis for land and were advantaged by our partner’s efficient design, which is cost-effective to build,” Siegler told MHN. “(It) makes the units live larger than they actually are by virtue of high ceilings, large windows and other features.”
Creekside Apartments is located blocks from the 78 Freeway and is also close to the San Diego Zoo Safari Park, Legoland and California State University San Marcos.
Offering direct access to an adjacent creek and walking paths, the community is also situated within the Vista Village Shopping Center, next to Frazier Farms Market.
Last month, Pathfinder Partners paid $29 million for Creekside Village Apartments, a 132-unit multifamily community in Vancouver, Wash.
