New Project Aims to Set a Precedent for the Next Generation of Development Along El Cajon Blvd

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Aug 23, 2023, 17:23 ET

The Parkline, which partially fronts El Cajon Blvd, historic Highway 80, is located in one of the most walkable neighborhoods in San Diego.

SAN DIEGO and SANTA FE, N.M., Aug. 23, 2023 /PRNewswire/ -- Titan Development ("Titan"), Malick Infill Development ("Malick"), and Thornburg Real Estate Ventures ("Thornburg") are pleased to announce the completion of The Parkline, an approximately 80,000 square-foot, Class-A multifamily building in San Diego, California. A grand opening celebration is scheduled for Saturday, August 26, from 9:00 am to 6:00 pm at 4250 Oregon Street. Guests will be invited to tour the building and take advantage of move-in specials, which can include one month of free rent or an e-bike (certain terms and conditions apply). Construction on The Parkline began in January 2022 and was completed on schedule.

Thornburg, Titan Development, and Malick Infill Development logos.

Andrew Malick, Founder and Principal of Malick Infill Development, said, "We wanted to create a place that would share the unique North Park living experience with more people. This project represents our commitment to creating projects that elevate the quality of life for both our residents and the neighborhood."

Malick is a resident of North Park and keeps his office in the neighborhood. The Parkline is halfway between his office and his home. He is a long-time champion for El Cajon Boulevard and in 2014 organized a bus tour with the Urban Land Institute to spark reinvestment along the road.

Josh Rogers, Partner at Titan, said, "Titan's expansion to the San Diego market has been successful thanks in part to a thoughtful and intentional, community-minded design by Malick Infill Development and a strategic approach by Thornburg Real Estate Ventures. We are thrilled to see The Parkline come to fruition and look forward to future opportunities in the California real estate market."

"The Parkline's high-quality apartments offer San Diegans new and attainable housing in a competitive and expensive real estate market," said David Bennett, Director of Real Estate Investments at Thornburg. "Along with our talented partners at Malick and Titan, we are excited to open the doors and offer residents a remarkable living experience in an unbeatable location."

The Parkline multifamily development is funded in part by Titan Development Real Estate Fund II, which closed in February 2020, as well as Thornburg Real Estate Ventures, a real estate investment manager and wholly-owned subsidiary of Thornburg Investment Management. Titan's Fund II targets investments in multifamily and industrial projects. The Parkline is Titan's first investment in California. To learn more about The Parkline, visit www.parkline.live.

LOCATION: The Parkline is a six-story, 94‐unit residential community located at 4250 Oregon Street, nestled in a prime location along "The Boulevard" next to the iconic North Park Water Tower. The adjacent North Park Community Park offers sporting facilities including tennis courts, racquetball courts, a softball field, a basketball court, picnic areas, and an enclosed dog run area. The Parkline is within walking distance of a rich variety of locally owned restaurants, bars, breweries, coffee shops, a supermarket, and a farmers' market. With an enviable Walk Score of 97 and a Bike Score of 78, the project is close to the dedicated bike lanes along 30^th Street, Meade Avenue, and Utah Street. The property is only steps away from the bus lines that will connect residents to Downtown San Diego, Fashion Valley Mall, and San Diego State University. Major freeway access is under five minutes away and San Diego International Airport is just a 15-minute drive. The project is also adjacent to the fully funded, but not yet built, Howard Bikeway, which will add buffered bike lanes and roundabouts to improve the east/west connectivity in the neighborhood for cyclists.

BUILDING PROGRAM: The Parkline includes 28 studios, 57 one-bedrooms, and 6 two-bedroom apartment homes. The project also features three commercially addressed loft spaces that front El Cajon Blvd. Each unit includes in-home washers and dryers, dishwashers, air conditioning, modern wood-style flooring, soft-closing kitchen cabinet hinges, quartz countertops, porcelain tile backsplashes, and oversized windows and doors to maximize natural light. Many units also offer private furnishable patios with mountain and city views, built-in desks and bookshelves, as well as walk-in closets. There is an onsite garage with 28 parking spaces for automobiles and four motorcycle spaces.

MOBILITY FEATURES: The property is situated between El Cajon Blvd with three separate bus routes that pass in front of the property and Howard Avenue, the planned location for the Howard Bikeway. With adjacencies to these transportation routes, the building was designed to take advantage of mobility modes that are an alternative to the private automobile. The project features a bike garage with e-bike-specific racks including charging outlets. There is a maintenance station with tools, a bike stand, and a tire pump. The bike garage walls are adorned with maps of local bike routes with QR codes for navigation integration with personal bike computers.

The lobby of the building hosts a custom-designed Transit Screen with real-time bus schedule, weather, and marquee of local happenings in the neighborhood. There is a bench in front of the building for rideshare users and bike racks for visitors. Information graphics and murals on the alley wall provide wayfinding to local neighborhood amenities and alert drivers of bikes exiting the bicycle garage.

AMENITIES AND FEATURES: The project's main resident amenity area is on the sixth floor. Featuring international views of Mexico and the Pacific Ocean, this stunning terrace is North Park's highest private space and provides a perfect setting for social gatherings or quiet relaxation. Residents can enjoy an outdoor lounge with a fire pit, a city-view workspace with laptop desks, a BBQ grill with an open-air dining table, a foosball table, and a yoga deck. The adjacent indoor lounge provides a large-screen smart TV with a sitting area and a communal dining area. A state-of-the-art fitness center will cater to the wellness needs of residents, while a conference room will offer a productive environment for meetings and remote work. There is also an onsite pet spa with commercial-grade washing and drying equipment.

HISTORY: Andrew Malick purchased two adjacent properties in 2017 with La Jolla Capital Group. The properties were in the form of an L-shape around the existing Chicken Pie Shop. Malick approached the Pie Shop ownership with the intent to purchase the restaurant. The owner explained that she had no desire to sell the property as the pie shop was one of the oldest operating restaurants in San Diego and part of her family's legacy. Instead, Malick struck up a friendship with the owner and offered to redesign the building façade at no cost. The owner paid for those improvements as well as adding new landscaping and upgrading the signage.

About Titan Development
Titan Development is a leading Southwest full-service development and real estate investment firm with experience in diversified asset classes across varied geographic markets. Titan has developed more than $3 billion in project costs since the firm was formed in 1999. Titan Development has a wealth of real estate development experience including private equity fund investment and management, and has offices in Austin, TX, and Albuquerque, NM. Since 2017, Titan Development has closed on a total of $329 million in private equity funds.

Titan Development closed its third fund, Titan Development Real Estate Fund III (TDREF III) at $122 million in May 2022, continuing its successful strategy of focusing on multifamily and industrial investing in secondary and tertiary markets. Titan's previous fund, TDREF II, which raised $95 million, commenced in November of 2020, has identified all fund projects, and is investing in 13 projects in TX, NM, CO, and CA. Titan's inaugural fund, TDREF I, raised $112 million and invested in a variety of real estate asset classes. To learn more, please visit www.titan-development.com.

About Malick Infill Development
Malick Infill Development is an urban infill development firm based in San Diego, California, focused on placemaking, transit-oriented development, and enhancing walkability. Their previous 127-unit mixed-use project, Parco in National City, won an Orchid Award for architecture from the San Diego Architectural Foundation and a Sustainable Growth Award from Circulate San Diego. Malick is also working on a transit-oriented development at an underutilized trolley station parking lot named Palm City Transit Village. For more information, please visit www.malickinfill.com.

About Thornburg Real Estate Ventures
Thornburg Real Estate Ventures helps clients satisfy their diversification and target return needs by providing access to quality real estate investment opportunities. Thornburg Real Estate Ventures is the dedicated real estate group and a wholly-owned subsidiary of Thornburg Investment Management, a global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide. Founded in 1982, Thornburg Investment Management oversees $42 billion in client assets ($41 billion AUM and $1 billion AUA as of June 30, 2023). Thornburg's U.S. headquarters is in Santa Fe, New Mexico with offices in Hong Kong and Shanghai.

Media Contact, Titan:
Amy Calderon
[email protected]
505.917.5303

Media Contact, Thornburg:
Michael Corrao, Director of Global Communications
[email protected]
505.467.5345

Media Contact, Malick Infill Development:
Linda Skemp
[email protected]
310.662.3182

SOURCE Thornburg Investment Management