Fident Capital and La Terra Development have announced the start of a 97-unit apartment project in a gentrifying area of Chula Vista.
Stone Creek Casitas will feature garden-style units ranging from 750 to 1,000 square feet with one or two bedrooms and renting from $1,500 to $2,000 per month.
A protected creek which runs through the property will be enhanced with a walking bridge to embellish the “stone creek” concept. The units are expected to open in late 2017.
“There is a significant housing shortage in San Diego County and developable, economically viable, and shovel-ready projects are extremely scarce,” said Kevin Choquette, principle of Fident Capital, a San Diego-based boutique real estate investment bank.
“This neighborhood has a 3 percent vacancy rate and has seen rapidly increasing rents,” Choquette added. “While the site and the area presented some challenges, the developer turned the challenging natural features of the site into positives and they designed the product to accommodate the transitioning neighborhood.”
The project is located at 3875 Main Street near the Otay Valley Regional Park.