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Sunday, Jul 14, 2024

$103M Pacific Beach Project Opens With 172 Apartments

A Texas-based commercial real estate development and owner has finished a $103.5 million Pacific Beach project that combines apartments and commercial space on a site that was once a car dealership.

Jefferson Pacific Beach

Based in Irving, Texas with western regional offices in Carmel Valley, JPI built the three-story Jefferson Pacific Beach, 4275 Mission Beach Drive with 172 apartments and 14,000 square feet of commercial and retail space.

Revel Fitness has leased about 2,700 square feet of the commercial space and is in the process of building it out with plans to open in late 2020 or early 2021, said Rosie Cooper, executive vice president and regional managing partner of JPI.

Apartments in Jefferson Pacific Beach range from 588 square feet to 1,773 square feet, consisting of four studio apartments, 94 one-bedroom apartments, 7- two-bedroom apartments, one three-bedroom apartment and three townhomes with two bedrooms and 2.5 bathrooms.

Monthly rents range from $1,900 to $4,600, with the exception of 14 apartments designated as very low income affordable units for those making less than 50% of the median area income. For a two-person household, the income limit for the affordable apartments would be at would be $46,200 or less.

Nine-Foot Ceilings

The apartments have nine-foot ceilings, hardwood-style flooring, full-sized washer/dryers, outdoor space, quartz countertops, gas cooking, walk-in closets, stainless steel appliances including wine refrigerators under kitchen counters.

In keeping with the Mission Bay location, the complex has a surfboard repair area, storage space for watersports equipment, and bicycle locks and racks.

There’s also a dog grooming and washing area, a saltwater pool, Wi-Fi in common areas, a business center and an internet café.

Most of the apartments have balconies and the complex has multiple courtyards, a clubhouse and a community kitchen.

JPI describes the Pacific Beach project as “a pet friendly and smoke-free community.”

“Jefferson Pacific Beach is all about convenience and quick access to all of the natural attractions the area has to offer,” Cooper said.

Former Home of Guy Hill Cadillac

The site was the home of Guy Hill Cadillac from 1967 to 2006. JPI acquired the property in September 2017.

“The seller was actually the son of the original car dealer and the site was a multigenerational family asset,” Cooper said. “We believe our approach to build quality and community-focused homes is what allowed JPI to take ownership over such an important heirloom.”

Coming in the middle of the COVID-19 pandemic, JPI had to overcome some obstacles as it started leasing apartments.

“We had to convert to 100% virtual leasing, which can be challenging since most people want to tour in person before deciding to move. But now that San Diego has begun to allow reopening with precautions, we are allowed to have in-person tours with appropriate social-distancing measures being taken,” Cooper said.

She said the company hopes to have the complex fully leased by the end of 2020 or early 2021.

Alliance Residential Company is in charge of leasing.

The architect on the Jefferson Pacific Beach was Carrier Johnson + Culture and JPI itself was the general contractor.

In addition to Jefferson Pacific Beach, JPI is building a four-story luxury multi-family apartment complex in La Mesa at 4949 Baltimore Ave. at the intersection of Baltimore Drive and University Avenue, according to the company’s website.

Due to be finished in late summer 2021, Jefferson La Mesa will consist of 230 apartments on a nearly five-acre site, according to the company.

The four-story project with 205,000 square feet of rentable space will have a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments, according to the website.

Amenities will include a two-level fitness center with yoga room and cycling studio, co-working space, resort-style pool with cabanas, high-tech resident lounge, pet park with grooming station, and outdoor fire pit.

JPI’s California holdings also include apartment complexes in Anaheim, South Gate and Santa Clarita, according.


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