(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN DIEGO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that the construction of Domain by Alta-San Diego, a $90-million luxury apartment community here in San Diego’s 244-acre Spectrum Center business park, is complete. The property is already 30% leased, reveals multifamily developer Wood Partners.
The apartment community opened in June and is a four-story podium project that was started from the ground up in August 2010. It is comprised of two rental apartment buildings erected over two levels of subterranean parking with room for 750 vehicles and a separate community clubhouse.
According to a prepared statement this is Wood Partners’ first new apartment community in San Diego. “We’ve already experienced positive leasing interest from the community due to the project’s unique design elements and vast amenities,” says director Brian Hansen, who oversees the company’s development projects in Southern California. “Market conditions are certainly better now than when we bought the property and started construction—and we were optimistic even then because of the strategic location of this property.”
According to Hansen, “San Diego is a market where we see tremendous opportunities.” He continues that “The supply of apartments is low, the overall vacancy rate is tight and the job market is starting to turn around.”
Domain by Alta-San Diego is located at 8795 Lightwave Ave. The community is situated midway between Interstates 805 and 15, and just one mile south of Route 52 and provides easy access to downtown San Diego, the local beaches and Mission Valley. The apartment rentals are a mix of 23 studios, 197 one-bedroom and 159 two bedroom apartments, and 35 units meet an affordability requirement.
According to a recent Q2 apartment report for the area from Marcus & Millichap, tenant demand was sufficient to generate a 20-basis-point decline in vacancy in the first quarter to 2.9%. Over the last 12 months, the rate has decreased 110 basis points, following a 90-basis-point drop in the prior year. In addition, the report points out that vacancy improvements for high-end rentals were minimal in the first quarter, as all of the new units added in the fourth quarter were class A stock. Nonetheless, the first quarter vacancy of 4.3% was 90 basis points less than one year ago.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
