CEDARst/Bridge Announce Plans for $90 Million Multifamily Development in San Diego Opportunity Zone
By Staff
Chicago-based developer CEDARst™ Companies announced that it has secured $40 million in equity capital, led by its joint venture partner, Bridge Investment Group, for a new multifamily ground-up development project in San Diego. The project is situated in a qualified opportunity zone and is part of the CEDARst GP Opportunity Zone Fund 1. The venture plans to break ground in March of 2025.
The new residential community, known as Flats South Park, is a $90 million, 180-unit development located at 2935-2961 A Street in the South Park neighborhood of San Diego, two blocks from Balboa Park. The community will be comprised of 46 studio, 114 one-bedroom, and 20 two-bedroom units. In total the development will encompass 216,152 square feet. The development will also include 147 parking stalls.
“Our newest project is an important milestone for our ongoing presence in San Diego and our relationship with Bridge Investment Group,” said Will Murphy, CEO and managing partner, CEDARst. “The ability to secure $40 million in equity in the current capital markets environment further underscores the strength and opportunity of the San Diego market.”
This represents the fourth deal between CEDARst and Bridge Investment Group. In September of this year, the partners secured financing for a multifamily development in a Vancouver opportunity zone. In February, they announced plans for a $112 million development in a Las Vegas opportunity zone. According to CEDARst, that project is on time and on budget, and it is slated for completion in the fourth quarter of 2025.
Flats South Park represents CEDARst’s ninth opportunity zone development. CEDARst reported that it is in varying stages of planning, development, construction and management of QOZ developments totaling $500 million and featuring 1,600 units in San Diego, Chicago and Las Vegas.
CEDARst GP Opportunity Zone Fund 1, LP was launched in November of 2023 with a target equity raise of $25 million.
CEDARst Companies is an integrated real estate developer, headquartered in Chicago. Cedar currently manages a portfolio of multifamily real estate valued in excess of $4 billion, totaling more than 7,500 units across numerous markets, including Chicago, San Diego, Portland, Minneapolis and Cleveland.
Bridge Investment Group is a leading alternative investment manager, diversified across specialized asset classes, with approximately $49.2 billion of assets under management as of Sept. 30, 2024.
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