Cedar Street/Quartz Lake JV Acquires Land for Hillcrest Apartments

A joint venture partnership between Cedar Street Companies and Quartz Lake Capital has completed the acquisition of a land assemblage in the Hillcrest neighborhood of San Diego. Simultaneously, the JV announced plans for a 301-unit, $145-million podium multifamily development on the site.

The Hillcrest development is the first of three ground-up multifamily developments in San Diego by the Cedar Street/Quartz Lake JV. The three San Diego developments will have a stabilized value of $685 million and will comprise approximately 950 units.

Will Murphy, CEO of Cedar Street, said, “We are thrilled to add to our current portfolio in San Diego which continues to exhibit the strongest fundamentals of any multi-family market in the country. Hillcrest is a special neighborhood.  It’s electric and fun and one of the oldest neighborhoods in San Diego. The housing deficit is a real issue here. The city has done an excellent job supporting pro-housing policy accompanied by affordability but it will take years for supply to catch demand.”

The Hillcrest development site is located at 3704-3744 Fourth Ave. Demolition of the existing improvements will begin in the first half of 2024, with a groundbreaking to follow in the fourth quarter. First units will deliver in late 2026.

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