Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California
CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land.
The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space.
Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens.
The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021.
Additionally, the completed project will be part of Allstate’s investment portfolio. Terms of the transaction were not released.