CHICAGO, IL - Chicago-based CEDARst Companies continues its national expansion efforts with the announcement of two ground-up multifamily development projects totaling $144.5 million in San Diego, CA and Vancouver, WA.
Inclusive of these two new projects, CEDARst has announced or begun construction on six deals totaling more than $500 million in Chicago, Minneapolis, Cleveland, San Diego and Vancouver in just over 12 months. The developments encompass more than 1,300 units.
“We are excited to be on the West Coast,” says Managing Partner & CEO, Will Murphy. “In San Diego, the supply and demand metrics are as compelling as any submarket in the country. San Diego is a major focus for the firm, we want to build 1,000 plus units here in the next five years”.
He added that in recent years, Vancouver has emerged as a very compelling option for residents within the Portland MSA.
A CEDARst subsidiary, FLATS, will manage the properties upon completion. While each development is tailored specific to the needs of the submarket, the FLATS brand is consistent across CEDAR’s portfolio throughout the country.
“We want our residents to feel like they are living in a hotel while maintaining all the privacy that typical multi-family living affords,” Murphy adds. “That all starts with the building design and amenity package but extends beyond the brick and mortar. You have to be service provider: concierge quality management, a food & beverage offering from our hospitality brand, leading resident technology, cleaning, fitness, etc.”
Timber House Apartments: Timber House Apartments is a 226-unit multifamily project in the Waterfront Master Development in Vancouver, Washington. Parking will be included at a 1:1 ratio. Plans call for a Spring 2021 start with delivery anticipated in early 2023.
4135 Park Blvd., San Diego: 4135 Park Blvd. is a 191-unit multifamily development located in San Diego’s growth-oriented North Park The team anticipates breaking ground on the new development in Summer 2021 and expects to deliver units in mid 2023.
CEDARst has ambitious plans to expand nationally over the next several years.
“It’s important we scale our position in markets we currently own and operate in,” adds Murphy. “However, we are actively looking to expand in a number of new markets.”
CEDARst has plans to double its 4,000 unit portfolio over the next 3-5 years. “The market timing is right but more importantly, the company is ready. Our people and processes have never been stronger. We have been working towards this for years; it’s an exciting time for the company,” Murphy says.