Behringer Harvard Multifamily REIT I has begun construction on a luxury multifamily community in the East Mission Valley submarket of San Diego.
The development, tentatively known as Mission Gorge, is the result of a joint venture between the REIT and KNR Mission Gorge. Cobalt Construction has been hired to build the multifamily community.
When the development project at 6850 Mission Gorge Road is completed in early 2016, it will offer 444 luxury apartment homes. Approximately half of the units will be one-bedroom, one-bath apartments; units with two or three bedrooms and two baths also will be available. Unit sizes will range from 713 to 1,363 square feet.
"We are pleased to be working with the principals of KNR on our first multifamily project in the San Diego market," says Mark T Alfieri (pictured), president and chief operating officer of the REIT. "We expect Mission Gorge to appeal to residents who appreciate the new standard of luxury living that Mission Gorge will offer, as well as the easy access this well-located community will provide to the Mission Valley area and employment centres throughout San Diego."
"We welcome this opportunity to work with the REIT, one of the most respected multifamily owners in the country, to develop this high-quality multifamily community in an incredible city," says Neil Brown, a principal of KNR Mission Gorge and the former chief development officer for Archstone. "We are pleased to start construction on this outstanding development."
Residents of Mission Gorge will enjoy luxurious amenities including resort-style pools and spas, 24-hour sports club, business centre, community room with kitchen, game lounge, barbecues, and outdoor media lounge with fireplace and flat-screen television. Units will feature quartz countertops, stainless steel appliances, nine-foot ceilings, walk-in master closets, and full-size washers and dryers.
Major employers near Mission Gorge include the US Navy, San Diego State University, Kaiser Permanente San Diego Medical Center/Kaiser Foundation Hospital and leaders in various technology industries.