SAN DIEGO – May 29, 2019 – AEI North Park OZ Fund LLC closed the acquisition of three contiguous parcels in the designated North Park Opportunity Zone in San Diego. The site is zoned for high-density development allowing for up to 48 residential units.
The development will consist of a four-story, 48-unit multi-family apartment building with podium parking. The entitlement and construction for the project are estimated to take up to 24 months and it is anticipated that the property will be fully leased and stabilized in 36-48 months from acquisition.
North Park has been becoming increasingly popular among locals and tourists and has a substantial demand for housing, with very little new construction in the pipeline.
AEI North Park OZ Fund management team is very pleased with the acquisition and excited about this development project.