Qualico US Embarks on New California Joint-Venture Multi-Family Projects
Qualico is excited to announce two new merchant-building joint-venture projects in California.
Land acquisition closed in Q3 of 2021 on Canyon Bluffs, a 3.6-acre site in Riverside, CA, that is a partnership between Qualico and Ledcor. The project will feature 88 units within three-storey garden-style buildings with detached garages and carports. Construction is anticipated to begin in Q2 of 2022.
Population growth in this area, along with limited apartment supply and low vacancy rates, will likely keep this the tightest apartment market in the country for some time. The project will be designed and marketed with post-secondary students in mind, as the project is located just minutes from the University of California Riverside campus.
Sunny Creek is a 17.6-acre site in Carlsbad, CA, and Qualico is a project owner alongside joint-venture partners Ledcor and Lantower (H&R Reit). Eight acres will be developed into over 200 apartment units in a three-storey garden product with tuck-under garages and detached carports. The other 9.6 acres will be sold to a builder for construction of around 155 for-sale townhomes.
The partnership has closed on a contract assignment for the property in Q4 of 2021 and construction is expected to begin in March 2023. The project is located 30 minutes north of San Diego and only 10 minutes inland from Pacific Coast beaches.
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