SAN DIEGO — Wood Partners has acquired a distressed apartment project in San Diego with plans to complete the development of a 379-unit luxury apartment community. The property consists of a fully permitted 5.9-acre site located at 8798 Spectrum Center Blvd. within the 244-acre San Diego Spectrum master-planned community. The site was originally owned by Sunroad Enterprises, but development stalled out due to the recession.
Construction is set to begin in September for the new community. It will consist of two four-story podium buildings over two levels of basement garage parking. At the heart of the project will be a two-story clubhouse with an outdoor pool area. Features of the pool area will include cabanas, barbecue pits, a waterfall, trellises and a spa. The clubhouse will include an outdoor deck, a fitness center and wireless internet access. Wood Partners also plans to construct a 2-acre public park in front of the community. The park will be owned by the City of San Diego.
In addition to the land purchase, Wood Partners acquired the original site plans and building permits, which will allow construction to commence immediately. The estimated first move-ins will occur in the first quarter of 2012. The estimated project costs is $90 million — a sum Wood Partners procured in 60 days.
“It came together a lot faster than most deals, especially in this kind of market,” said Wood Partners Director Brian Hansen in a statement.
Frank Middleton, West Coast regional director for Wood Partners, added, “We see a lot of promise in San Diego. It always has been and still remains a market where a lot of people want to live, and we're seeing good forecasts for its recovery.”
— Coleman Wood