The groundbreaking of 4250 Oregon, a 94-unit multifamily development, took place recently in San Diego, California. This Class A multi-family project is being developed through a joint venture between Titan Development, Thornburg Real Estate Ventures, and Malick Infill Development. Construction on the project is scheduled for completion by June 2023.
The 4250 Oregon residential community will be the first investment made by Titan in California and its location is around one of the trendiest neighborhoods in San Diego, on the southwest corner of Oregon Street and El Cajon Boulevard in North Park.
This project’s site, which is located adjacent to the Community Park and the iconic North Park Water Tower has been rated highly, with a Bike Score of 80 and Walk Score of 94, due to its proximity to restaurants, retail outlets, outdoor activities, and entertainment areas.
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The 6-story 4250 Oregon residential community will occupy 53,805-square-feet of space and provide communal gathering spaces on the top floor, with sweeping views of the Laguna Mountain range. Its location also offers residents quick and convenient transit access, as it is positioned near bike lanes and BRT lines, connecting them to the San Diego State University and Downtown San Diego. In addition, the property is just an 11-minute drive away from the San Diego International Airport.
Funding for the 4250 Oregon project
Part of the funding for the 4250 Oregon project comes from the Titan Development Real Estate Fund II (TDREF II) which commenced in November 2020 and raised about US$ 95M. So far, 80% of the total funds have been allocated to eleven projects and the remaining projects have also been identified, which will begin construction this year.
Ben Spencer, a Titan partner and Principal of Fund Management, said the company was excited about its expansion to San Diego at this time, due to the rising work-from-home flexibility nationwide, which has made many more people relocate to the city.
Kurt Browning, another partner at Titan, also mentioned that the North Park was the perfect location for Titan’s first investment in the state. Browning said the company was excited about partnering with Thornburg’s experienced real estate investment team and Malick’s innovative designers and developers.
