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West Park Rentals to Add More Luxury Options At Civita

Cautiously optimistic about an improving housing climate, San Diego-based developer Sudberry Properties recently broke ground on West Park, a 612-unit luxury apartment complex in its growing Civita mixed-use development in Mission Valley.

Apartments are seeing high demand in San Diego County, especially as many renters face continued financing and other challenges in entering the market for single-family homes amid rising prices. Like other developers, Sudberry is keeping a close watch on interest rates, which could impact the cost of building and buying homes if those rates rise in the coming year.

Sudberry Senior Vice President Marco Sessa said apartment projects are hardly a slam-dunk in the current environment, pointing to numerous multifamily projects currently being built by several developers around the region.

Move Competition

“The economy overall may be improving, but there’s also a lot more competition out there with new product,” Sessa said.

Sudberry is looking to bring more residents to Civita, its master-planned community that has been buzzing with new apartment and single-family home construction for the past two years. Civita is expected to involve more than $2.5 billion in investment by Sudberry and its guest home builders over the next 10 to 15 years, bringing approximately 4,700 homes and apartments to the 230-acre former quarry property by the time it is fully built out.

New residents are already occupying Circa 37, Civita’s first apartment community with 306 units developed by Sudberry; as well as townhomes in the first phases of the 200-unit Origen, being built by Shea Homes.

Next up is Altana, a development of detached homes being built at Civita by TRI Pointe Homes Inc. of Irvine, which in August will be showing its first model homes in the 45-home project. Construction has begun on the first phase of 20 homes, to be priced in the mid-to-high-$600,000s.

Mike McMillen, project manager for Altana, said TRI Pointe has seen the pace of home sales rise significantly from a year ago at its Southern California communities. It recently sold out all 58 condos and single-family homes at its Candera development in San Marcos, with pricing in the $300,000 to $400,000 range, within a six-month span.

First Retail Elements

By year’s end, Sessa said Sudberry is looking to break ground on Civita’s first affordable apartment complex, known as Versa, with 150 units geared to seniors. In about 18 months, the master developer anticipates starting construction on the first retail elements at Civita, as it remains in talks with potential commercial tenants to serve the community.

In the meantime, Sudberry continues to hold public meetings on a planned 20-acre city park that will be a centerpiece of Civita, with trails, picnic areas and Sessa said Sudberry is aiming to begin leasing the first 100 apartments at West Park around August or September of 2014. The 10-acre project when completed will include two midrise buildings with luxury apartments, constructed around its own half-acre park with resort-style amenities for the apartment’s residents.

West Park, being built northeast of the intersection of Friars and Mission Center roads, will also include rooftop lounges with TVs, a half-mile jogging loop, dog-washing station, bike repair facility, fitness center and business center. There will be sustainable elements, including a photovoltaic solar array to power common areas and on-site fuel cells to generate clean energy back to the grid while also heating one of the complex’s swimming pools.

Sessa said monthly rents are yet to be finalized but will likely be in line with those at Circa 37, ranging from approximately $1,600 to $2,800.

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