April 8, 2019
FPA Multifamily, LLC’s Studios435 project in San Diego’s East Village is proving there is a market for luxury micro-apartments. The first development of this type to open in downtown at 435 13th St. is 90% leased.
The former 195-unit single room occupancy community was originally built in 1990 to offer affordable housing. The property, consisting of two non-contiguous four-story buildings, was acquired by FPA Multifamily in April 2016 from the San Diego Housing Commission.
The redeveloped micro-unit community opened in July 2018, offering a lifestyle and amenities not previously available. With rental rates starting at $1,399 per month, Studios435 is one of the market’s most affordable luxury developments. Offering six-month leases, a rarity in downtown, it is also one of the region’s most flexible lifestyle options.
FPA Multifamily’s Michael Earl says, “we believe San Diego is ready for greater options. We are continuing to look for similar investment opportunities in the San Diego region.”
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