More Than 500 Units To Join Multifamily Pipeline

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SAN DIEGO-Apparently, not everyone is worried about the so-called soft housing market. Two major projects are set to add more than 500 units to the multifamily pipeline as separate Downtown land deals set the table for the developments.In the first deal, DR Horton Western Pacific Housing acquired a 15,000-sf site at the northeast corner of 15th and J streets for $3.1 million. The housing giant has bought up the entire 60,000-sf block bordered by Island Avenue, 15th, 16th and J streets and plans a 10-story, 240-unit condo project. The site will also include 23,521 sf of ground-floor commercial space.DR Horton acquired the property from the Bernice Hansen estate. Victor Krebs of Colliers International represented the buyer. He also represented DR Horton in an earlier acquisition of the adjacent 45,000-sf parcel.In a second deal, MB Urban Properties LLC picked up 24,898 sf at 1459 G Street in the East Village area for $5.3 million. The site completes the 61,800-sf block bordered by Market, 15th and G streets, where MB Urban plans a 273-unit condo development. The project will include 35,000 sf of ground-floor retail space.The project calls for a 24-story tower and a second nine-story building. The site is down the street from the 43,000-sf Albertson’s that is under construction. Krebs brokered the deal, in which MB Urban picked up the land from a private local investor.Numbers are not yet available on the projects’ breakdown of how many one-, two- and three-units condos will be included, but they further illustrate the optimism developers have in the multifamily market. In the case of DR Horton, it emphasizes how the major homebuilders continue to focus attention on high-density housing.Earlier this year, Krebs brokered a deal for Centex Homes to acquire 33,000 sf of industrial space Downtown where it will build a 39-story, 200-unit condo project. Krebs told Globest.com the project will incorporate “a turn of the century warehouse that has an Italian architectural style.” Centex will reposition the space as 6,000 sf of retail.