CEDARst Companies announced plans to bring a new ground-up residential development to San Diego’s historic North Park and Hillcrest neighborhoods.
“We are thrilled to bring our distinct brand of apartments to one of the best submarkets on the west coast,” said Will Murphy, Managing Partner and CEO, CEDARst in a statement. “We believe our high-quality and fairly priced apartments will be a fantastic new option for residents of these historic neighborhoods.”
4135 Park Blvd. is expected to break ground later this month and open its doors 24 months after construction begins. The 205,000 square foot, $74.4 million project includes a 7-story midrise building that will offer a wide range of amenities, including a café, fitness center, lounge, game room, and exterior deck with a pool, hot tub, cabanas, and communal kitchen.
4135 Park Blvd. is in a Qualified Opportunity Zone and is one of several CEDARst properties under contract in the San Diego region.
“Opportunity Zones have opened up a unique chance for firms like CEDARst to develop high-quality apartments with top in class amenities at an affordable price point,” said Murphy. “We’re excited to work in such a dynamic community and look forward to expanding our footprint here in San Diego in the months and years ahead.”
Bridge Investment Group is an equity partner in the 190-unit project and BMO Harris Bank is the project lender. Construction will be managed by general contractor Suffolk Construction, and the project’s architect is Studio E.
“We are pleased to continue our partnership with CEDARst in a market like San Diego,” said David Coelho, Chief Investment Officer of Bridge Investment Group’s Opportunity Zone Funds. “The project fits well within Bridge’s mandate to focus on multi-family, transit-oriented developments as an avenue to revitalize underserved communities by investing in building sustainable neighborhoods.”