Kitchell has broken ground on developer Sunroad Enterprises’ two new apartment buildings in San Diego, the Sunroad Centrum Apartment Buildings at Lightwave Avenue and Spectrum Center Boulevard.
“San Diego is among the top three apartment markets in California,” said Bill Cornelius, Kitchell’s regional director – community living. “Ariva is in a very desirable location and the demand for Class-A properties in this area is high. This project has been in pre-development for a couple of years, and as we’ve seen with many of Kitchell’s multifamily projects in Arizona, the commencement of development/construction right now strikes a good balance between access to cheap capital, cost of construction and rents.”
Read more about this project in this article from Multi-housing News
DEL MAR, Calif. (Sept. 27, 2012) – Bringing its vast multifamily portfolio to San Diego, Kitchell broke ground today on two new apartment buildings for Sunroad Enterprises: Ariva apartments at Lightwave Avenue and Spectrum Center Boulevard. Thomas P. Cox is the architect. The two luxury-style complexes, branded as “a vibrant new generation of upscale apartment living,” comprise 253 apartments of approximately 11 unit types, fitness centers and subterranean parking garages and are anticipated to conclude within 18 months.
“We are thrilled to build this project,” said Kitchell Division Manager Alan Coombe. “While we have deep experience in multifamily and student housing projects throughout the southwest, this represents our first foray into multifamily in the San Diego market.”
Kitchell’s other significant San Diego-area projects include UC San Diego Jacobs Medical Center and the recently completed Sharp Chula Vista Medical Center. Over the past few years the company has honed its expertise in privately developed student housing facilities in Arizona and New Mexico, and has developed luxury apartment communities to leverage the upscale rental market in metropolitan Phoenix.
Kitchell’s first task will be to create two 25-foot deep holes, about 250 feet by 230 feet, for the two parking garages.
Sunroad Enterprises, founded in 1977 in San Diego, is a diversified holding company consisting of two divisions: Real Estate and Automotive. The real estate division has more than two million square feet of retail, office, and residential space completed. Additionally, the company successfully developed and manages Sunroad Resort Marina, a 600-slip resort marina, and Maderas Golf Club, the Number One-rated Golf Course by Zagat in San Diego for five years in a row. The auto division, established in 1984, has grown to include eleven dealerships in San Diego and Mexico, selling in excess of 12,000 new and used vehicles annually.