SOURCE: Wood Partners

Wood Partners

July 05, 2011 12:49 ET

Wood Partners Breaks Ground on 108-Unit Apartment Community in North San Diego County

SAN MARCOS, CA--(Marketwire - Jul 5, 2011) - Wood Partners announced today it is breaking ground on the construction of a new luxury apartment community in San Marcos, Calif.

The 108-unit gated development is located at 815 South Twin Oaks Valley Road, approximately 30 miles north of San Diego and 14 miles from the Pacific Ocean. The site boasts a grand vista overlooking the surrounding valley and foothills.

The first units are scheduled to be available in May 2012. The remaining inventory will be available when construction is completed in October 2012. The entire property is approximately four acres, one of which the seller has retained for 12,000 square feet of future retail development.

"There has not been much supply of new apartments in North San Diego County in the past four or five years; it's in need of new, modern communities," said Brian Hansen, Wood Partners' Director of Development for Southern California. "San Marcos is a wonderful upper-end community with great schools, a strong economy, terrific access to transportation and jobs. It's the ideal place for this development."

All 42 two-bedroom and 66 one-bedroom units, distributed among four garden-style three-story walk-up buildings, will feature granite countertops, wood laminate flooring, stainless steel appliances and washers and dryers. The community's opulent amenities will include a state-of-the-art clubroom with Wifi, electronic gaming systems, a fitness center with cardio equipment, pool and a rooftop terrace.

"These units will be among the highest quality anywhere in North San Diego County," Hansen said. "The atmosphere has the dynamic and exciting elements associated with a university area without the party lifestyle."

3 Tier Investments, LLC, a San Diego-based investment group, will break ground at the same time on its Campus Pointe retail project. The site will consist of two retail buildings with a total of 12,000 rentable square feet, including up to three restaurants with al fresco dining and up to seven retail businesses. Pre-leasing has begun and construction is scheduled for completion concurrently with the residential component.

The architect for the residential community is Van Tilburg, Banvard, Soderbergh and the general contractor is WP West Builders. The land brokers for the deal were Tony Villasenor and Ryan Gonzalez from Grubb and Ellis. The retail component will be represented by Epsteen & Associates broker Joe Wojdowski.

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