Civitas Announces Groundbreaking for New Multifamily Community in the North Park neighborhood of San Diego

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Oct 23, 2024, 12:03 ET

DALLAS, Oct. 23, 2024 /PRNewswire/ -- Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, recently broke ground on a 76-unit, Class A multifamily community in San Diego, California.

The project is located at 4080 32^nd Street in the North Park neighborhood of Balboa Park, a walkable community full of unique shops, restaurants, bars, museums, and the world-famous San Diego Zoo. Its irreplaceable location and unparalleled amenities help Balboa Park have one of the densest populations of 25-to 34-year-olds in San Diego.

Civitas is the developer of the project, as well as the project sponsor.

The project comes at a time of a housing shortage in San Diego. The San Diego Association of Governments in March estimated the county requires roughly 20,000 new units annually through 2030 to make up for a 15-year housing shortage. The county is permitting roughly half of that amount with even less breaking ground due to the difficult capital markets environment and the years it takes to obtain permits and entitlements for construction.

In fact, the Balboa Park submarket is expected to have effectively zero net deliveries between Q2 2025 and Q3 2026 – the time when the Civitas project is scheduled to deliver.

"We are extremely excited to bring this deal to the San Diego market," said Jorge Adler, Director of Investments for Civitas and the lead on the project. "San Diego is a supply-constrained market with what Civitas believes are very positive long-term demand drivers. We are particularly excited about delivering this project in one of the most desirable submarkets of San Diego at a time when few other properties are scheduled to open. It's a win for the community, and a win for Civitas."

Adler says a big reason this project is able to break ground when others cannot is because of its ability to accept funding through the EB-5 Immigrant Investor Program. The project is located within a Targeted Employment Area, as defined by USCIS.

"We closed on the land for this project in September of this year and broke ground within 30 days," says Kelly Lindig, Director of Development at Civitas. "Our team at Civitas has experience in all aspects of the development and construction process with projects in Texas and California. In addition, our general contractor, Richard & Richard Construction, has extensive experience with similar projects in Southern California for numerous clients, including the U.S. Navy."

Adler and Lindig have been involved in more than $2.4 billion of real estate transactions cumulatively throughout their careers.

ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a nimble alternative investment manager offering compelling, niche EB-5 opportunities in U.S. real estate. Civitas exists to create opportunities that enrich our communities, investors, and employees alike. Driven by focused creativity, Civitas digs deeper to uncover opportunities that others miss. Supporting data for factual statements available upon request. Follow Civitas Capital Group on LinkedIn.

SOURCE CIVITAS CAPITAL GROUP