Titan, Malick Infill & Thornburg Break Ground on Class-A Multifamily Development
ALBUQUERQUE, N.M., March 14, 2022 /PRNewswire/ -- Titan Development ("Titan"), Malick Infill Development ("Malick") and Thornburg Real Estate Ventures ("Thornburg") announced today that they have formed a joint venture and broken ground on 4250 Oregon, a 53,805-square-foot, Class-A multifamily project in San Diego, California. The property is Titan's first investment in California.
This six-story, 94-unit boutique residential community will be located at the southwest corner of El Cajon Boulevard and Oregon Street in North Park, one of San Diego's trendiest neighborhoods. The property is adjacent to the iconic North Park Water Tower and Community Park which has sporting facilities including tennis courts, soccer fields, a softball field, basketball courts, and picnic areas. The project is also within walking distance to vibrant restaurants, bars, breweries, farmers' markets, and coffee shops. The location has an enviable Walk Score of 94 and a Bike Score of 80; nearby dedicated bike lanes and the Bus Rapid Transit (BRT) lines connect residents to Downtown San Diego and San Diego State University, while San Diego International Airport is just an 11-minute drive from the site. The development will feature communal gathering spaces on the top floor, which offers sweeping views of the city and the Laguna Mountain range.
Ben Spencer, Partner and a Principal of Fund Management at Titan, said, "We are thrilled about our expansion to San Diego, a city that has long been an attractive and competitive real estate market particularly as work-from-home flexibility has risen nationally, and more and more people have chosen to relocate to this appealing city." Kurt Browning, Partner at Titan, added, "North Park is an excellent location for our first multifamily investment in California. We are excited to be partnering with the talented designers and developers at Malick in San Diego and with the innovative real estate investment team at Thornburg."
"North Park is where I live and work," said Andrew Malick, Founder and Principal of Malick Infill Development. "I am proud to be developing another project in my neighborhood and can't wait to open the doors and meet my new neighbors."
"Malick and Titan have proven track records of owning and developing successful real estate projects similar to 4250 Oregon," said David Bennett, Director of Real Estate at Thornburg. "Their partnership on this attractive and high-quality development in the competitive San Diego market allows us to continue adding to a diversified mix of real estate investment opportunities for our investors."
Titan, Malick, and Thornburg will work closely together to bring the project to fruition, with construction expected to be completed by June 2023.
The 4250 Oregon project is funded in part by Titan Development Real Estate Fund II, which closed in February 2020, as well as Thornburg Real Estate Ventures, a real estate group and wholly-owned subsidiary of Thornburg Investment Management. Titan's Fund II targets investments in multifamily and industrial projects.
About Titan Development
Titan Development is a leading Southwest full-service development and real estate investment firm. Titan has developed 13 million square feet of real estate totaling more than $2.5 billion in project cost since the firm was formed in 1999. Titan Development has a wealth of real estate development experience in many asset classes including private equity fund investment and management, and has offices in Austin, TX, and Albuquerque, NM.
Titan Development's first private equity fund Titan Development Real Estate Fund I (TDREF I) raised $112 million and invested in a variety of real estate asset classes. Titan Development Real Estate Fund II (TDREF II) raised $95 million and commenced in November of 2020. TDREF II focuses on industrial and multifamily development in secondary and tertiary markets. TDREF II has identified all fund projects, has committed 80% of the total fund equity to eleven projects and has identified the remaining projects which will commence construction in early 2022. To learn more, please visit www.titan-development.com.
About Malick Infill Development
Malick Infill Development is an urban infill development firm based in San Diego, California, focused on placemaking, transit-oriented development, and enhancing walkability. Their most recent 127 unit mixed-use project, Parco in National City, was fully leased in only 9 weeks. For more information, please visit www.malickinfill.com.
About Thornburg Real Estate Ventures
Thornburg Real Estate Ventures helps clients satisfy their diversification and target return needs by providing access to quality real estate investment opportunities. Thornburg Real Estate Ventures is the dedicated real estate group and a wholly-owned subsidiary of Thornburg Investment Management, a global investment firm delivering on strategy for institutions, financial professionals, and investors worldwide. Founded in 1982, Thornburg Investment Management oversees $49 billion in client assets ($47 billion AUM and $1.9 billion AUA as of December 31, 2021). Thornburg's U.S. headquarters is in Santa Fe, New Mexico with offices in London, Hong Kong and Shanghai. For more information, visit www.thornburg.com.