CEDARst / Quartz Lake Capital

CEDARst Cos. and Quartz Lake Capital have announced plans for a second multifamily development in San Diego, FLATs Bancroft. The joint venture has acquired a .74-acre land site located on Bancroft Street in the North Park neighborhood to develop the $103 million, 218-unit rental community.

FLATs Bancroft will consist of 78 studio,121 one-bedroom, and 21 two-bedroom units. Interior features will include in-unit washers and dryers, balconies, state-of-the-art appliances, keyless entry, and smart-home systems. The building amenities will offer a fitness center; a pool and spa area; a golf simulator; a coworking lounge; and an amenity deck with an entertainment lounge. The development will also have 193 garage parking spaces.

Within the 255,862-square-foot building, the project will also feature 3,005 square feet of ground-floor retail space for food and beverage vendors.

“The cornerstone of CEDARst’s San Diego strategy is to deliver high-quality, infill multifamily projects that connect with the character of the neighborhood and promote housing accessibility and equality,” says Will Murphy, CEO of CEDARst Cos. “We’ve designed FLATs Bancroft as a reflection of the incredible North Park community.”

CEDARst and Quartz Lake expect to break ground on the project during the second quarter of this year with delivery of the first units slated for May 2026.

Because of CEDARst’s commitment to delivering affordable and workforce housing options, naturally occurring affordable housing and deed-restricted affordable units will account for 10% of the total units within the project. The FLATs Bancroft development team includes JWDA Architecture and Suffolk Construction.

CEDARst and Quartz Lake previously announced plans for FLATs Hillcrest, a $145 million, 301-unit project in the Hillcrest submarket. Including the units from its partnership with Quartz Lake, CEDARst is expected to deliver 2,675 units with a total cost of $1.4 billion over the next three years.