Qualico US Makes Significant Progress on Projects in Texas and California

AUSTIN, TX, RIVERSIDE, CA & CARLSBAD, CA – Many of the Qualico US Region’s multi-family projects involve joint-venture partnerships with other companies and ‘merchant building’, where apartments are constructed, leased up, and then sold, with funds invested into new projects. In 2023, projects in Texas and California continued to see forward momentum.

Starlight in Austin, TX was completed in spring 2023 and was 59.1% leased and 52.9% occupied as of November 2023. Starlight is a five-storey podium construction building with 325 apartment units, underground parking, and ground-level retail and restaurant space, which will be home to Santa Caterina Mexican Restaurant opening in 2024.

The Starlight site is located on 2.3 acres just a few blocks from the MLK Jr. metro rail station and just minutes from downtown Austin and the University of Texas. The property offers studio, one-bedroom, and two-bedroom suites and includes amenities like a courtyard resort-style pool, a heated spa, and private cabanas, as well as extensive top-tier landscaping.

It is an especially attractive housing option for young professionals and families who want to live in this popular neighbourhood. Residents and visitors can enjoy a wellness centre, rooftop lounge, and clubhouse year-round.

In the west, the Canyon Bluffs development in Riverside, CA saw pad certifications completed and utilities started in 2023, with the first building expected to be completed in summer 2024. The development will feature 88 units in three-storey garden-style buildings with detached garages and carports.

Canyon Bluffs is located close to Interstate 215, California 60, and California 91, which provides excellent accessibility to employment centres throughout the region. Major employers in the area include Amazon, UC Riverside, March Air Reserve Base, Kaiser Permanente Riverside Medical Center, and Pechanga Resort & Casino. 

Canyon Crest Town Center, with more than 70 stores including restaurants, pharmacy, banks and a gym, is only 0.2 miles from the property. Less than five minutes from the UC Riverside campus, the plan is to market to UC Riverside students and graduate students, as many of the unit plans are designed for roommates.

Also in California, Sunny Creek was an upcoming project in Carlsbad – a 17.6-acre site located 30 minutes north of San Diego and only 10 minutes inland from Pacific Coast beaches.

Qualico is a project owner alongside joint-venture partners Ledcor and Lantower (H&R Reit), and the initial strategy was to build 8 acres of apartments and sell the remaining 9.6 acres to a homebuilder for construction of for-sale townhomes. 

Qualico and its joint-venture partners have now changed their strategy to entitle and rezone the entire parcel for residential building lots, with an expected sale to a homebuilder or homebuilders. The new strategy will result in an exit three years earlier than the original plan, with profit and returns at or better than the latest projections under the original strategy.

These important joint-venture projects continue to fuel Qualico’s successful growth in the US market and provide families with attractive and high-quality homes they can enjoy for years to come.