Why Millennials Are Moving to This Submarket

Deen: “This area attracts a renter with discerning taste, and the market is limited with product to satisfy a growing demand.”

SAN DIEGO—Located east of Balboa Park, South Park was one of Downtown San Diego’s very first suburbs and now benefits from its community vibe and proximity to transportation and business hubs, Sunrise Management ‘s VP of marketing Melissa Deen tells GlobeSt.com. The firm is currently managing the Stanley , a 26-unit multifamily community at 2827 A Street in South Park—which Real Capital Analytics says was purchased as the Fairway Palms by 2827 A Street LLC in September 2015—that just underwent a $2-million renovation and rebranding . The reinvention of the previously tired 1980s-era property continues the ongoing renaissance of South Park, currently one of San Diego’s hottest neighborhoods, and a mecca for Millennials . As part of the renovation and rebranding, Sunrise designed a new logo, signage and website for the property, while Workright Property Service oversaw the renovation as general contractor. According to Deen, the Stanley is now most luxurious multifamily property in the historic neighborhood, which was first registered as a subdivision in 1870. “The makeover of what was previously known as the Fairway Palms adds to the urban charm of this popular neighborhood,” she tells us. “Our new residents will find high-end finishes, state-of-the-art appliances and luxury amenities including an outdoor courtyard with barbecues and a lounge area with views of the Downtown skyline.” We spoke exclusively with Deen about South Park and rebranding multifamily properties.

The Stanley’s renovation included adding high-end finishes that appeal to Millennials, as seen in this unit bathroom.

GlobeSt.com: Please describe the South Park neighborhood and why it is so popular – especially amongst Millennials. Deen: South Park is located east of Balboa Park and was one of the very first suburbs of Downtown San Diego—serious development here began in the early 1900s. Today, it is a sought-after neighborhood because it has a great location: northeast of Downtown and close to major freeways and business hubs including downtown and Mission Valley, with a unique community vibe. The area now has more than 70 independently owned small businesses and continues to attract many hip restaurants , bars and retail shops as well as bigger shopping choices including grocery stores and, most recently, a new Mini Target , a scaled-down version of the retailer’s big-box format. GlobeSt.com: What did you take into consideration when rebranding the property? Deen: We always keep the end user in mind and implement a very targeted marketing plan. From this deep understanding of our targeted renter personas, we develop branding and messaging conveyed through the signage, website, collateral and advertising. In this case, we really dialed in who the renter demographic would be—Millennials with expendable income who prefer a walkable urban lifestyle—as well as the location and building itself. We wanted to embrace the character and style of the building but give it a fresh spin that would appeal to our target demographic. GlobeSt.com: How would you characterize multifamily in the South Park submarket? Deen: The supply is very limited in South Park, with a lot of older, outdated buildings. Many renters want to be close to Downtown but want a more neighborhood feel that the tight-knit community of South Park provides. This area attracts a renter with discerning taste, and the market is limited with product to satisfy a growing demand.