A joint venture between Titan Development, Malick Infill Development, and Thornburg Real Estate Ventures has broken ground on 4250 Oregon, a Class A multifamily community in San Diego.
Located in North Park, one of San Diego’s trendiest neighborhoods, the six-story, 94-unit community will be within walking distance to outdoor activities, restaurants, and entertainment. The site boasts a Walk Score of 94 and a Bike Score of 80. The community also will feature communal gathering spaces on the top floor, providing views of the city and the Laguna Mountains.
“We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market, particularly as work-from-home flexibility has risen nationally and more and more people have chosen to relocate to this appealing city,” said Ben Spencer, partner and a principal of fund management at Titan Development.
This marks Titan Development’s first investment in California. The full-service development and real estate firm has built a strong presence in Albuquerque, New Mexico; Austin, Texas; and other Southwest markets. Malick Infill Development is an urban infill development firm local to San Diego, with a focus on placemaking, transit-oriented development, and enhancing walkability.
“North Park is an excellent location for our first multifamily investment in California,” said Titan partner Kurt Browning. “We are excited to be partnering with the talented designers and developers at Malick in San Diego and with the innovative real estate team at Thornburg.”
4250 Oregon is expected to be completed by June 2023. It is funded in part by Titan Development Real Estate Fund II, which closed in February 2020 and targets investments in multifamily and industrial projects, as well as Thornburg Real Estate Ventures, a real estate group and wholly owned subsidiary of Thornburg Investment Management.
“Malick and Titan have proven track records of owning and developing successful real estate projects similar to 4250 Oregon,” said David Bennett, director of real estate at Thornburg. “Their partnership on this attractive and high-quality development in the competitive San Diego market allows us to continue adding to a diversified mix of real estate investment opportunities for our investors.”
