Titan Development, Malick Infill Development and Thornburg Real Estate Ventures have broken ground on 4250 Oregon, a 53,805-square-foot, 94-unit, Class A multifamily community being built in San Diego. Construction is expected to be completed by June 2023.
The development marks the first project in California for Titan, a real estate development and private equity firm with offices in Albuquerque, N.M., and Austin, Texas, which has developed 13 million square feet of real estate valued at more than $2.5 billion since 1999.
The project is being funded in part by Titan Development Real Estate Fund II, which closed in February 2020 after raising $95 million. TDREF focuses on multifamily and industrial development in secondary and tertiary markets. TDREF has committed 80 percent of the total fund equity to 11 projects and has identified the remaining projects, which are set to begin construction early this year. Funding for 4250 Oregon is also coming from Thornburg Real Estate Ventures, a real estate group and the wholly-owned subsidiary of Thornburg Investment Management. Thornburg’s U.S. headquarters is in Santa Fe, N.M., with offices in London, Hong Kong and Shanghai. The firm oversees $49 billion in client assets.
Ben Spencer, partner & principal of fund management at Titan, said in a prepared statement North Park in San Diego is an excellent location for the firm’s first California multifamily investment. He said San Diego is an attractive and competitive real estate market that has become even more appealing as work-from-home flexibility has attracted more people to the Southern California city.
The six-story boutique residential community will be located at the southwest corner of El Cajon Boulevard and Oregon Street in North Park, one of San Diego’s trendiest neighborhoods. The development will feature communal gathering spaces on the top floor with sweeping views of the city and Laguna Mountain range.
The property is adjacent to the iconic North Park Water Tower and Community Park, which has tennis and basketball courts, soccer fields, a softball field and picnic areas. The development will also be within walking distance to restaurants, bars, breweries, coffee shops and farmers’ markets. The Bus Rapid Transit lines connect residents to downtown San Diego and San Diego University. San Diego International Airport is an 11-minute drive from the site.
David Bennett, director of real estate at Thornburg, said in prepared remarks Malick Infill, which is based in San Diego, and Titan have proven track records of developing successful real estate projects similar to 4250 Oregon. He said the partnership on 4250 Oregon enables the firm to add to its diversified real estate investment opportunities.
Malick Infill’s most recent project, Parco in National City, a 127-unit mixed-use development in San Diego, was fully leased in only nine weeks. An urban infill development firm run by founder & principal Andrew Malick, Malick Infill focuses on placemaking, transit-oriented development and enhancing walkability.