san diego multifamily construction pipeline ye 2019 · 2020-01-29 · san diego multifamily...
TRANSCRIPT
1San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com
©
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9
V i s i t o u r i n t e r a c t i v e c o n s t r u c t i o n p i p e l i n e a t : a b i m f . c o m / r e p o r t / s a n d i e g o - c o n s t r u c t i o n - p i p e l i n e
PATRICK J. DOYLE, CCIM PARTNER
CA DRE Broker
[email protected]#01162107
ERIC TURNERSR VICE PRESIDENT
CA DRE Broker
[email protected]#01387179
2San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 2
T O T A L U N I T I N V E N T O R Y
5 + U N I T P R O P E R T I E S : 3 4 2 , 1 8 0
5 0 + U N I T P R O P E R T I E S : 2 2 7 , 4 7 8
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
50+ UNIT PROPERTIES | YE 2019 TRANSACTIONS BY YEAR BUILTAvg
Price/UnitAvg
Price/SF# of
Transactions
2010+ $363K $359 7
2000-09 $258K $299 2
1990-99 $425K $460 1
1980-89 $259K $344 11
Pre-1980 $196K $265 13
5-49 UNIT PROPERTIES | YE 2019 TRANSACTIONS BY YEAR BUILTAvg
Price/UnitAvg
Price/SF# of
Transactions
2010+ $375K $389 9
2000-09 $280K $330 5
1990-99 $239K $280 5
1980-89 $255K $307 56
Pre-1980 $255K $355 225
3San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 3
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
SAN DIEGO MSA CONSTRUCTION PIPELINE
SNAPSTATYE 2019
Under Construction
Recently Completed
Planned
View our interactive construction pipeline map at:abimf.com/report/sandiego-construction-pipeline
4San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 4
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
RECENTLY COMPLETED (# OF UNITS – YE 2019) *
318
52
- -
488
3,067
North County Inland
North County Coastal
East County
South Bay
Metro San Diego
UNDER CONSTRUCTION (# OF UNITS)
433
- -
200
135
6,409
North County Inland
North County Coastal
East County
South Bay
Metro San Diego
PLANNED (# OF UNITS)
1,766
631
545
1,281
18,855
North County Inland
North County Coastal
East County
South Bay
Metro San Diego
* Project Units Delivered. Based on when total projects are delivered, not as individual buildings/units are delivered
PER SUBMARKET ANALYSIS OF SAN DIEGO MSA
5San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 5
Recently Completed(YE 2019)
Total # of Units: 3,925
Total # of Properties: 23
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
6San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 6
R E C E N T L Y C O M P L E T E D ( 5 0 + U N I T P R O P E R T I E S )
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
Address City Units Developer
1 Vista del Puente 1436 S 40th St San Diego 52 National Community Renaissance
2 SALT 371 N Cleveland St Oceanside 52 Pelican Communities
3 The Lofts at Normal Heights 3808 El Cajon Blvd San Diego 55 Chelsea Investment Corporation
4 Mariners Landing 48 E 31st St National City 60 Unknown
5 6317 Imperial Ave 6317 Imperial Ave San Diego 65 National Community Renaissance
6 Plaza 1640 1640 E Plaza Blvd National City 77 Unknown
7 Luna at Pacific Highlands Ranch 6025 Village Way San Diego 79 Wermers Properties
8 Breeze Hill 710 Breeze Hill Rd Vista 88 Silvergate Breeze Hill Investors, LLC
9 La Jolla Del Rey 6340 Gullstrand St San Diego 96 Unknown
10 Salerno 1630 Paseo Monti Chula Vista 98 Unknown
11 The F11 1110 F St San Diego 99 The Richman Group Development Corp.
12 Valentina by Alta 1919 Pacific Hwy San Diego 110 Carrier Johnson + CULTURE
13 Alcove 650 N Centre City Pky Escondido 112 Unknown
14 Anden 152 N Twin Oaks Valley Rd San Marcos 118 ColRich
15 Strauss Fifth Avenue 3534 5th Ave San Diego 141 Unknown
16 The BLVD North Park 2020 El Cajon Blvd San Diego 165 H.G. Fenton Company
17 Luma 1440 Columbia St San Diego 220 LMC
18 K1 San Diego 330 13th St San Diego 222 The Richman Group Development Corp.
19 Alexan Rivue 1902 Millenia Ave Chula Vista 253 Trammell Crow Residential Company
20 Palisade 8800 Lombard Pl San Diego 300 Westfield UTC
Property Name
7San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 7
R E C E N T L Y C O M P L E T E D ( 5 0 + U N I T P R O P E R T I E S )
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
Address City Units Developer
21 Hanover Mission Valley 6161 Fairmont Ave San Diego 383 The Carlyle Group
22 Spire San Diego 1475 Island Ave San Diego 472 Pinnacle International
23 One Paseo 3200 Paseo Village Way San Diego 608 Kilroy Realty Corporation
2019 COMPLETED 3,925
Property Name
8San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 8
Under ConstructionTotal # of Units: 7,177
Total # of Properties: 28
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
9San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 9
U N D E R C O N S T R U C T I O N ( 5 0 + U N I T P R O P E R T I E S )
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
Address City Units Developer
1 Veterans Village 1556 S Escondido Blvd Escondido 54 Unknown
2 Foley Financial Center 2131 3rd Ave San Diego 56 Foley Enterprises, Inc.
3 Schmale Family Senior Apartments 442 16th St Ramona 62 Unknown
4 Block C - Phase II 310 Campus Way San Marcos 65 Sea Breeze Properties
5 Cielo 915 W Grape St San Diego 70 Ibex Limited
6 Cornerstone Place 230 S Sunshine Ave El Cajon 70 Domus Development
7 Bluewater Apartments 6121 Fairmount Ave San Diego 80 Unknown
8 The Link 707 17th St San Diego 86 Affirmed Housing Group, Inc
9 100 Main St 100 Main St Vista 126 StreetLights Residential
10 Gateway Grand 700 W Grand Ave Escondido 126 Lyon Management Group, Inc dba Lyon Liv
11 Little Flower Haven 8585 La Mesa Blvd La Mesa 130 Silvergate Development, LLC
12 Camden Hillcrest 4311 3rd Ave San Diego 132 Camden Property Trust
13 Urbana 361 H St Chula Vista 135 MountainWest Real Estate
14 4th & J 372 4th Ave San Diego 168 Legacy Partners Residential
15 Jefferson Pacific Beach 4275 Mission Bay Dr San Diego 172 JPI/TDI
16 LUX UTC - Tower B 4200 Brooke Ct San Diego 225 Garden Homes
17 625 Broadway 625 Broadway San Diego 231 Hammer Ventures
18 Gravity Apartments 4750 Mission Gorge Pl San Diego 250 Fairfield Residential
19 Alexan Gallerie 375 Camino De La Reina San Diego 284 Trammell Crow Residential Company
20 Stylus & Siena 8310 Rio San Diego Dr San Diego 306 Chelsea Investment Corporation
Property Name
10San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 10
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
U N D E R C O N S T R U C T I O N ( 5 0 + U N I T P R O P E R T I E S )
Address City Units Developer
21 Modera Apartments 241 14th St San Diego 368 Mill Creek Residential Trust, LLC
22 Park + Market 601 11th Ave San Diego 426 Holland Partner Group
23 Purl 7901 Civita Blvd San Diego 435 Sudberry Properties, Inc.
24 Vive Lux 8620 Spectrum Rd San Diego 442 Sunroad Holding Corporation
25 Casa Mira View - Phase III 9800 Mira Lee Way San Diego 600 Garden Communities California
26 11th & Broadway 909 11th Ave San Diego 618 Pinnacle International
27 Broadway Block 702 Broadway San Diego 620 Bosa Development
28 Town and Country - Residential Towers 500 Hotel Cir N San Diego 840 Holland Partner Group
TOTAL (UNDER CONSTRUCTION) 7,177
Property Name
11San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 11
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
PLANNED(50+ UNIT PROPERT IES)
PlannedTotal # of Units: 23,078
Total # of Properties: 81
12San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 12
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9
P L A N N E D ( 5 0 + U N I T P R O P E R T I E S )
©
Address City Units Developer
1 Arbor Terrace Apartments 4186 4th Ave San Diego 50 JLL
2 Outpost 13247 Poway Rd Poway 53 Capexco Inc.
3 Aldea La Mesa 7808 El Cajon Blvd La Mesa 56 Esquiline, Inc.
4 1060 C St 1060 C St San Diego 72 Liberty National Corp
5 555 N Centre City Pky 555 N Centre City Pky Escondido 77 Unknown
6 815 Civic Center Dr 815 Civic Center Dr Vista 80 Wakeland Housing and Development Corporation
7 4250 Oegon St 4250 Oegon St San Diego 82 Unknown
8 Alexan Little Italy Columbia St & W Hawthorn San Diego 85 Trammell Crow Residential Company
9 Bahia View 1425 Market St San Diego 87 Unknown
10 901 Mission Ave 901 Mission Ave Oceanside 90 Unknown
11 Taylor Street Apartments 1885 E Vista Way Vista 90 Taylor-Vista LP
12 Ivy 343 E 2nd Ave Escondido 95 Touchstone Communities
13 Carlsbad Village Lofts 1044 Carlsbad Village Dr Carlsbad 106 AVRP Studios
14 Aspire 137 Valley Pky Escondido 106 Touchstone Communities
15 Hillcrest 111 635 Robinson Ave San Diego 111 Greystar
16 5012 Hilltop Dr 5012 Hilltop Dr San Diego 113 Affirmed Housing Group, Inc
17 7941 Mission Gorge Rd 7941 Mission Gorge Rd Santee 113 Davisson Enterprises
18 The Lofts at Eleventh Avenue G St San Diego 118 Carleton Management, Inc.
19 8650 Genessee Ave 8650 Genessee Ave San Diego 120 Regency Centers Corporation
20 Richmar Station W Mission & Richmar Rd San Marcos 120 Hitzke Development Corporation
Property Name
13San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 13
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9
P L A N N E D ( 5 0 + U N I T P R O P E R T I E S )
©
Address City Units Developer
21 Paradise Senior Apartments 2328 E 6th St National City 126 Parkview Financial LLC
22 Market on 8th 130 E 8th St National City 127 Malick Infill Development
23 Encinas Creek Apartments 3900 Cannon Rd Carlsbad 127 Unknown
24 Fifth and Palm 2929 5th Ave San Diego 145 Zephyr Partners
25 Citiplace 110 W Ash St San Diego 147 Essex Property Trust, Inc.
26 4970 Market St 4970 Market St San Diego 149 Jacobs Center For Neighborhood Innovation
27 India & Beech 1460 India St San Diego 150 Forge Land Company
28 1579 Morena Blvd 1579 Morena Blvd San Diego 150 Fairfield Residential
29 Riverview Parkway Riverview Parkway Santee 150 William Lyon Homes, Inc.
30 Pinnacle Columbia & A 1262 Columbia St San Diego 154 Pinnacle International
31 2565 Clairemont Dr 2565 Clairemont Dr San Diego 156 Unknown
32 Bonita Glen Bonita Glen Dr Chula Vista 170 Silvergate Development, LLC
33 1105 National City Blvd 1105 National City Blvd National City 170 AMG & Associates, LLC
34 Monarch Buena Vista 751 E Vista Way Vista 179 Monarch Group
35 350 Camino De La Reina 350 Camino De La Reina San Diego 200 The Casey Brown Company
36 2800 6th Ave 2800 6th Ave San Diego 204 Greystar
37 7th & Market 517 Seventh San Diego 205 Cisterra Partners LLC
38 Lilac Hills Ranch 8850 W Lilac Rd Escondido 211 Ranch Capital LLC
39 Pacific Village 10955 Carmel Mountain Rd San Diego 225 Unknown
40 Jefferson La Mesa 4969 Baltimore Ave La Mesa 226 Urban Housing Partners
Property Name
14San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 14
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9
P L A N N E D ( 5 0 + U N I T P R O P E R T I E S )
©
Address City Units Developer
41 Merge 56 Camino Del Sur San Diego 242 Sea Breeze Properties
42 Gravity 4570 Mission Gorge Pl San Diego 250 Fairfield Residential
43 The Hub at Scripps Ranch 9850 Carroll Canyon Rd San Diego 260 Sudberry Properties, Inc.
44 Carroll Canyon NE I-15 & Carroll Canyon Rd San Diego 260 Sudberry Properties, Inc.
45 Scripps Mesa Joint Occupancy Project 10380 Spring Canyon Rd San Diego 264 Monarch Group
46 1st + Beech 1450 2nd Ave San Diego 269 Property Services
47 Connect 1895 1895 Hancock St San Diego 276 Unknown
48 Witt Mission Valley 588 Camino Del Rio N San Diego 277 The Dinerstein Companies
49 10955 Carmel Mountain Rd 10955 Carmel Mountain Rd San Diego 277 Unknown
50 7th & A 750 A St San Diego 281 Cisterra Partners LLC
51 Overture 304 C St San Diego 282 Presidio Bay Ventures
52 StreetLights Makers Quarter- Block F 15th St San Diego 295 Foulger-Pratt Companies
53 Persea 1333 N Santa Fe Ave Vista 305 JLL
54 Otay Ranch - Freeway Commercial North (East) Centerpark Rd Chula Vista 308 The REMM Group
55 939 N Coast Hwy 939 N Coast Hwy Oceanside 308 Lightfoot Planning Group
56 Block A at Makers Quarter - Residential 1501 15th St San Diego 318 Lankford & Associates, Inc.
57 The Heights at Fashion Valley 7050 Friars Rd San Diego 319 Fairfield Residential
58 499 W Ash 499 W Ash St San Diego 336 Unknown
59 Little Italy 1502 Kettner Blvd San Diego 358 Holland Partner Group
60 Winslow 4353 Park Blvd San Diego 379 Lennar Multifamily Communities
Property Name
15San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 15
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9
P L A N N E D ( 5 0 + U N I T P R O P E R T I E S )
©
Address City Units Developer
61 408 Hollister St 408 Hollister St San Diego 380 Jeff Phair
62 Spire 800 Broadway San Diego 384 Ghods Builders, Inc.
63 6th & A 610 A St San Diego 389 Ghods Builders, Inc
64 Union & Ash 232 W Ash St San Diego 395 AAA Management LLC
65 4464 Alvarado Canyon Rd 4464 Alvarado Canyon Rd San Diego 410 Greystar
66 1005 B St 1005 B St San Diego 415 Liberty National Corp
67 Lucia Nel Cielo 768 F St San Diego 424 Avion Development LLC
68 220 W Broadway 220 W Broadway San Diego 426 Holland Partner Group
69 Centrum 6 8651 Spectrum Center Blvd San Diego 443 Sunroad Centrum Partners L P
70 Pinnacle Pacific Heights 1221 11th Ave San Diego 445 Pinnacle International
71 Palomar Heights 555 E Valley Pky Escondido 450 Integral Communities I, Inc.
72 Pinnacle 11th & E 1141 E St San Diego 462 Pinnacle International
73 The Rey Phase II 8th Ave San Diego 464 Wood Residential Services
74 Hazard Center Redevelopment 7730 Hazard Center Dr San Diego 473 Brookfield Residential Oliver McMillan Holdings
75 7634 Clairemont 7634 Clairemont San Diego 634 Unknown
76 1015 Park Blvd 1015 Park Blvd San Diego 640 Property Services
77 1065 Park Blvd 1065 Park Blvd San Diego 640 Property Services
78 Residential Development Midway Dr San Diego 699 Unknown
79 7131 Carroll Rd 7131 Carroll Rd San Diego 750 Lehigh Hanson, Inc.
80 Allied Gardens Project 6914 Mission Gorge Rd San Diego 996 G.H. Palmer Associates
81 1240 W Morena Blvd 1240 W Morena Blvd San Diego 1700 Dealy Development, Inc.
TOTAL (PLANNED) 23,078
Property Name
16San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com 16
1,594
2,947
2,437
2,990
4,196
1,291
3,951
1,426
2,2892,132
2,440
1,811
1,352
2,631
944
2,454
3,125
3,539
4,744
3,578
3,925*
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
20 Year Average: 2,613
T O T A L U N I T I N V E N T O R Y
5 + U N I T P R O P E R T I E S : 3 4 2 , 1 8 0
5 0 + U N I T P R O P E R T I E S : 2 2 7 , 4 7 8
A B S O R P T I O N P E R M A R K E T ( 1 2 M O N T H )
3,284 Un i t s
* Project Units Delivered (YTD)Based on when total projectsare delivered, not as individualbuildings/units are delivered
17San Diego Office: 1012 2nd Street, Suite 100, Encinitas, CA 92024 Tel: 858.256.7690 CA Lic #02015348ABIMultifamily.com
Leading Multifamily Brokerage Team in the Western US200 YEARS OF COMBINED MULTIFAMILY BROKERAGE EXPERIENCE
SEASONED ADVISORS WITH REGIONAL INSIGHT
COLLABORATION & COOPERATION
Apartment Brokerage & Advisory FirmABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.
The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions.
S A N D I E G O M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EY E 2 0 1 9©
SAN DIEGO OFFICEPATRICK J. DOYLE, CCIMPARTNER
[email protected] CA DRE Broker #01162107
ERIC TURNERSENIOR VICE PRESIDENT
[email protected] CA DRE Broker #01387179
DISCLAIMER © 2020 ABI Multifamily | The information and details contained herein have been obtained from third-party sources believed to be reliable; however, ABI Multifamily has not independently verified its accuracy.ABI Multifamily makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to theimplied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. SOURCES: ABI Research / Bureau of Labor Statistics /Census Bureau / CoStar / YARDI Matrix / Vizzda / US Chamber of Commerce / RED Comps / ARMLS
TUCSON OFFICE1650 North Kolb RoadSuite 230Tucson, AZ 85715
520.265.1945
PHOENIX HEADQUARTERS5227 North 7th Street2nd FloorPhoenix, AZ 85014
602.714.1400
SACRAMENTO OFFICE2251 Douglas BlvdSuite 115Roseville, CA 95661
916.330.4040