CEDARST ANNOUNCES RESIDENTIAL DEVELOPMENT PROJECT PLANNED FOR SAN DIEGO'S NORTH PARK AND HILLCREST NEIGHBORHOODS
CEDARst Announces New Ground-Up Development, Bringing Nearly 200 Housing Units to the San Diego Area
SAN DIEGO, March 31, 2022 /PRNewswire/ -- CEDARst Companies, a leading multifamily developer, today 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. "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, spacious 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."
CEDARst applies an innovative approach to residential developments with a focus on enhancing resident lifestyles and surrounding communities. Nationally, the firm has amassed a growing portfolio of distinguished and high-quality residential projects, spanning seven states across the country, with a unit count in excess of 5,000.
CEDARst Companies is a fully integrated multifamily developer headquartered in Chicago Illinois. With over 50 years of combined experience, CEDARst applies a vertically integrated approach to the development of residential assets. CEDARst's $2 billion portfolio is comprised of more than 5,000 units, offering high quality apartments and a luxury experience at an approachable price point in markets across the country.
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $36.3 billion of assets under management as of December 31, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit.
SOURCE CEDARst
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