Civitas Announces Groundbreaking for New Multifamily Community in the North Park neighborhood of San Diego
Txylo.com/10291099

Trending...
DALLAS, Oct. 23, 2024 ~ Civitas Capital Group, a Dallas-based alternative investment manager, has announced the groundbreaking of a new multifamily community in San Diego, California. The 76-unit, Class A development is located at 4080 32nd Street in the vibrant North Park neighborhood of Balboa Park.

Known for its walkable community filled with unique shops, restaurants, bars, museums, and the world-famous San Diego Zoo, Balboa Park has one of the highest concentrations of young adults aged 25 to 34 in the city. This prime location and exceptional amenities make it an attractive area for both residents and investors.

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

The project comes at a crucial time as San Diego is facing a housing shortage. According to the San Diego Association of Governments, the county needs approximately 20,000 new units annually through 2030 to make up for a 15-year housing deficit. However, only half of that amount is being permitted due to challenges in capital markets and lengthy permit processes.

More on Txylo.com
In fact, the Balboa Park submarket is expected to have no new deliveries between Q2 2025 and Q3 2026 – precisely when Civitas' project is set to be completed.

One significant factor that sets this project apart from others is its ability to accept funding through the EB-5 Immigrant Investor Program. The development falls 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," shared Kelly Lindig, Director of Development at Civitas. "Our team at Civitas has extensive experience in all aspects of development and construction, with projects in both Texas and California. Additionally, our general contractor, Richard & Richard Construction, has a proven track record of delivering similar projects in Southern California for various clients, including the U.S. Navy."

Adler and Lindig have a combined experience of over $2.4 billion in real estate transactions throughout their careers.

The Civitas project is a much-needed addition to the San Diego housing market and will provide high-quality living options for residents in the desirable Balboa Park neighborhood. With its prime location and experienced team behind it, this development is sure to be a success for both the community and Civitas Capital Group.
Filed Under: Business

Show All News | Report Violation

0 Comments

Latest on Txylo.com