LOS ANGELES & SAN DIEGO--(BUSINESS WIRE)--CityView, a premier investment management and development firm focused on urban multifamily real estate in the Western United States, announced today that it has acquired the land for the site of its new AV8 project located in San Diego’s Little Italy neighborhood. CityView is providing equity capital from its Southern California Fund II to partner with San Diego-based CityMark Development in the project’s development.
“The AV8 project is a prime example of how CityView successfully deploys capital through developers with highly specialized, local market expertise,” said Sean Burton, chief executive officer of CityView. “Little Italy is one of the hottest areas in San Diego which perfectly aligns with our focus on urban multifamily developments that are right next to jobs, transportation and entertainment.”
The proposed AV8 apartment community is a 30,000 square-foot site located at 2101-2175 Kettner Blvd., between Ivy and Hawthorn streets, placing the project in the center of one of San Diego’s most desirable and vibrant neighborhoods. The project will feature a six-story building containing 129 residential units, 7,600 square feet of retail space, and 2.5 levels of subterranean parking. CityView plans to preserve the historic front entrance of the building that formerly housed an auto-body repair shop.
“We are pleased to have partnered with CityMark on the development of AV8,” said Tony Cardoza, managing director of CityView. “CityMark has a reputation for creating landmark residential buildings in metro San Diego that seamlessly blend new developments with historic landmarks. This philosophy matches well with our own mandate, which makes CityMark and CityView ideal partners.”
“This development is an ideal urban infill site in the heart of San Diego’s Little Italy, a submarket with an attractive blend of culture, arts, shopping and fine dining,” said Rich Gustafson, president of CityMark. “We could not be more excited to partner with CityView in this endeavor and create a development that we believe will only strengthen this already vibrant community.”
Groundbreaking on the AV8 project is slated for early 2016, with completion expected by spring of 2017. The project’s architects are Tanner Hecht Architecture and Van Tilburg, Banvard & Soderbergh.
About CityMark Development
Since its inception in 2000, CityMark Development has earned a reputation for creating landmark residential buildings by integrating high architectural design with modern functionality. By taking a significant role in both the revitalization of downtown areas and targeted suburban neighborhoods, CityMark fills a unique development niche of creating iconic communities with attention to detail which has generated a following of loyal homeowners.
CityMark is committed to the preservation and restoration of historic landmarks and blending these efforts with the utilization of renewable sources of energy. Their philosophy is to ensure their development efforts enhance the cultural values and livability of each established neighborhood in which it builds. For more information, please visit: http://citymark.com/
CityView is a premier developer and investment management firm focused on urban residential real estate in the Western United States. CityView targets multifamily housing ventures in metropolitan markets which are often overlooked due to the complexity of the transaction and other development challenges. At the center of the firm’s success is its strong professional team which possesses unparalleled expertise in real estate, development operations and finance. CityView’s investors include some of the largest and most sophisticated public pension plans and financial institutions in the country.
CityView was founded in 2003 and is headquartered in Los Angeles. The firm has regional offices in San Francisco and San Antonio, Texas. For more information, please see www.cityview.com.