VergeSan Diego, California
Verge is a 10-acre property located in the East Mission Valley submarket of San Diego. Nestled in a valley between the Admiral Baker Golf Course and the San Diego River, Archstone purchased the property and operated it, on an interim basis, as a mobile home park. While in their leadership roles at Archstone, the principals of 4Terra entitled the property and managed the project design through the construction drawing and permitting phase. Subsequent to the Archstone sale, the succeeding owners of the property listed the site for sale. Due to extensive knowledge of the site and proven development history, KNR -an affiliate of 4Terra – placed the site under contract, created a new joint venture with a national institutional partner, completed due diligence, closed on the land, pulled all site and building permits, and commenced construction in October of 2013.
Verge is comprised of two-, three- and four-story wood-frame buildings with a five and a half level, above grade parking structure, and opened in June of 2015.
KNR Mission Gorge, LLC, in a joint venture with Monogram Residential Trust, Inc. (NYSE: MORE) (F/k/a Behringer Harvard Multifamily REIT I).
- 444 luxury apartment homes
- Total Project Cost: $100m+
- Construction Start: Q4 2013
- Project Opened: Q2 2015
- Project Stabilization: Q3 2016
- Easy access to key north-south and east-west traffic corridors, plus public transportation
- Resort-style amenities include 2 pools courtyards and 4 additional themed courtyard areas
- Common area amenities include gated entry, outdoor media lounge, 24-hour state-of-the-art fitness center with pool and golf course views, game room, demonstration kitchen and dog run