Cedar Street Companies and Quartz Lake Capital have successfully acquired a land assemblage in San Diego’s Hillcrest neighborhood. The joint venture has also announced plans for a $145-million, 301-unit multifamily development on the site.
This acquisition marks the first of three ground-up multifamily projects in San Diego by Cedar Street and Quartz Lake. These developments are expected to bring an estimated value of $685 million and will consist of approximately 950 units.
According to Will Murphy, CEO of Cedar Street, this addition to their portfolio is a testament to the strong fundamentals exhibited by San Diego’s multi-family market. He also highlights Hillcrest as a unique and vibrant neighborhood with high demand for housing due to its rich history. While acknowledging that there is still a housing deficit in the area, Murphy praises the city’s efforts towards pro-housing policies accompanied by affordability measures.
The development site at 3704-3744 Fourth Ave will undergo demolition in early 2024 followed by groundbreaking later that year. The project is expected to be completed with first units available for occupancy towards late 2026.
