Ground up project with experienced developer team. There are three separate projects: Hotel, Senior Housing and Residential with a Retail component. Seeking JV Equity partners!! Please contact us for more information.
2. DISCLOSURE:
The following Information has been assembled for the purpose of informing and providing
assistance to a prospective Investor of the Park Station La Mesa real estate development project.
The information contained in herein is believed to be reliable, but no representation or warranty,
express or implied, is being made by the Owner/Developer or any of their representatives or
affiliates, as to the accuracy or completeness of the information contained herein. This
information is subject to omissions, corrections of errors, change of terms, prior sale or
withdrawal from the market without notice. The prospective Investor is fully and solely
responsible for any due diligence or investigation that needs to be done in order to make a fully
informed decision to invest in this project. Prospective Investors are expected to establish their
own opinion as to the feasibility of this development opportunity and the risks associated with it.
The Owner/Developer reserves the right, at its sole discretion, to reject any and all offers to
invest in the Project and/or to terminate discussions with any party at any time with or without
notice. Owner/Developer shall have no legal commitment or obligation to any entity reviewing
the enclosed materials, performing additional investigation and/or making an offer to purchase
the Property unless and until a binding written agreement for the joint venture in the Property
has been fully executed, delivered, and approved by Owner/Developer, and any conditions to
Owner/Developer’s obligations there under have been satisfied or waived.
Park Station, La Mesa
3. Dear Friend:
Urban Housing Partners Inc. and the Kitzman Family have come together to present the opportunity to invest with us as an “early
investor” in the newly revised Park Station project in La Mesa, CA.
The 4.6 site location is in the very heart of the City of La Mesa at the intersection of Baltimore Dr. and University Ave. This location is
arguably the most desirable urban, mixed-use site in the entire zip code!
The newest design will be designed “by right”. In other words, we will be designing within what the existing mixed-use zone already
allows. There will be no environmental review process.
Your investment capital will be used to advance the project through the entire design process, which will take an estimated 12-16
months. At that point, construction will begin which will take 16-18 months. Therefore, the total estimated time from today to project
completion is: 28-34 months. The investment strategy of Urban Housing Partners and the Kitzman Family is to hold the newly
developed property for the long run and hand it down to future generations. Therefore, we are seeking investors that have the same
philosophical investment strategy.
Your investment capital will be used to pay for pre-development related costs such as: architects, engineers, third party consultants,
market studies, marketing and public relations. We will be the Development Manager keeping you the investor apprised on the
progress of the project on a monthly basis. All accounting and financial reporting will be provided on a monthly basis as well.
Our total predevelopment funding request is $3.0M.
We hope that you will consider this investment with us so we can advance the project and built another great mixed-use community in
San Diego County!
In Highest Regards,
Urban Housing Partners, Inc.
Sherm, Mike, Jake Lenette, and Stephan.
Park Station, La Mesa
6. Park Station, La Mesa
EXECUTIVE SUMMARY:
RESIDENTIAL/RETAIL SENIOR HOUSING HOTEL
SITE SUMMARY:
Land Area (SF) 108,900 50,000 50,000
Maximum SF Allowed No Max – Dependent on density
(40 du/acre) No Max No Max
Zone / Use Type Mixed-Use Mixed-Use Mixed-Use
Height Limit 46’ 46’ 46’
PROJECT SUMMARY:
# Units (Rooms) 180 120 150
Retail Space (SF) 29,084 - 600
Parking Spaces 476 - Subterranean 40 - Subterranean 188 - Subterranean
Project Size (SF) 214,084 90,000 84,023
Avg. Unit Size (SF) 874 514 350
Avg. Rent /Unit (ADR) $2,603 $6,917 $170 (ADR)
Stabilized Occupancy 95% 90% 72%
FINANCIAL SUMMARY:
Total Project Cost $67,300,000 $42,000,000 $37,600,000
Value Yr. 2 Stabilized $86,600,000 $47,800,000 $43,900,000
Project Profit $34,300,000 $29,000,000 $23,200,000
8. DEVELOPMENT TEAM:
Developer: Urban Housing Partners, Inc.
• Land Owner: Kitzman Family
• Development Manager: Urban Housing Partners, Inc.
• Length of Partnership: 10 Years
Designer/Builder:
• Project Architect: AVRP / Skyport; or Competitive Bidding Process
• Project Civil Engineer: Fuscoe Engineering; or Competitive Bidding Process
• Structural Engineer: Patterson; or Competitive Bidding Process
• Soil Engineering: Leighton; or Competitive Bidding Process
• General Contractor: TB Pennick; or Competitive Bidding Process
Marketing/Public Communications:
• Marketing Management: Hewitt Marketing
Park Station, La Mesa
9. Combined Experience: 50+ Years of urban development
Professional Team: Sherm Harmer, Michael Dunham,
Jake Schwartz, Lenette Hewitt
Past Projects:
VILLAGE WALK (Olson Co.) Little Italy 72 Unit Mid-Rise
CITY WALK (Olson Co.) Downtown 109 Unit Mid-Rise
UNION SQUARE East Village 263 Unit Mid-Rise
PARK BOULEVARD EAST/WEST East Village 221 Units Mid-Rise
NORTH PARK CONDOMINIUMS North Park 224 Units Mid-Rise
SANTALUZ Carmel Valley 120 Affordable for Sale
BRESSI RANCH Carlsbad 100 Affordable for Sale
LAFAYETTE RESIDENCES North Park 255 Unit Mid-Rise
SAPPHIRE TOWER Downtown 96 Unit High Rise
SMART CORNER East Village 299 Unit High-Rise
Current Projects:
PALATINE (McMillin) Little Italy 99 Unit Mid-Rise Rental
URBAN HOUSING PARTNERS, Inc.:
Park Station, La Mesa
10. MARKET SUMMARY:
La Mesa:
• Population: 58,150
• Housing Units: 25,614
• Located directly east of San Diego with El Cajon bordering the west
• 12 miles to the Pacific Ocean
• 9 miles to Downtown San Diego
• 55% Rental Housing
• Apartment Vacancy: 6-7%
• Median Household Income: $53,000
• 4 Competing Projects
Neighborhood:
• La Mesa Blvd. – Downtown La Mesa’s “Main Street”
• La Mesa Springs Shopping Center
• City Hall, Fire Station, Police Station, Library, Post Office
• Traffic on: I-8: 188,000/day; Baltimore Dr.: 24,000/day; Spring St.: 23,000/day
Park Station, La Mesa
12. APARTMENT COMPARABLE:
1) Alterra at Grossmont Trolley
• # Units: 297
• % Occupied: 99%
• Unit Sizes: 616-1,275 s.f.
• Rents: $1,691-3,279
• Ave. Unit Size: 914 s.f.
• Proximity: 1.6 miles
• Design: Type 5; 4 over 2
partially subterranean parking
• Amenities: Pool, Spa, Fitness, Clubhouse, A/C, W/D in Unit
• Comments: Built in 2010
Class A Apartments
79 Du/Acre
Located directly adjacent to the Grossmont Transit Center
Park Station, La Mesa
13. 2) Pravada at Grossmont Trolley
• # Units: 230
• % Occupied: 99%
• Unit Sizes: 646-1,265 s.f.
• Rents: $1,655-3,315
• Ave. Unit Size: 926 s.f.
• Proximity: 1.6 miles
• Design: Type 5; 4 over 2
partially subterranean parking
• Amenities: Pool, Spa, Fitness, Clubhouse, Theatre Room, A/C, W/D in Unit
• Comments: Built in 2009
Class A Apartments
75 Du/Acre
Located directly adjacent to the Grossmont Transit Center
Park Station, La Mesa
APARTMENT COMPARABLE:
14. 3) The Quarry Apartments
• # Units: 60
• % Occupied: 98%
• Unit Sizes: 629-1,276 s.f.
• Rents: $1,411-2,494
• Ave. Unit Size: 879 s.f.
• Proximity: 1.0 miles
• Design: Type 5; 3 over
tuck under and surface parking
• Amenities: Courtyard, BBQ Grill Area, A/C, W/D in unit
• Comments: Built in 2015
Class B Apartments
38 Du/Acre
Located close to the Spring Street Trolley Station
Park Station, La Mesa
APARTMENT COMPARABLE:
15. 4) Seta Apartments
• # Units: 198
• % Occupied: 15% - Currently U.C.
• Unit Sizes: 756-1,369 s.f.
• Rents: $1,821-2,795
• Ave. Unit Size: 992 s.f.
• Proximity: 1.2 miles
• Design: Type 5; 3 story
garden style w/ covered surface parking
• Amenities: Pool, Spa, Cabanas, Fitness, Grill, A/C, W/D in unit
• Comments: Built in 2015 (Roughly 25% complete as of 10/28/15)
Class A Apartments
22 Du/Acre
In the process of leasing up; some of the site is still under
construction
Park Station, La Mesa
APARTMENT COMPARABLE:
16. PROJECT BUDGET SUMMARY:
Park Station, La Mesa
RESIDENTIAL/
RETAIL
SENIOR
HOUSING
HOTEL TOTAL
LAND COST $8,000,000 11.9% $7,000,000 16.7% $5,000,000 13.3% $20,000,000
SOFT COST $13,000,000 19.3% $13,000,000 31.0% $12,800,000 34.0% $38,800,000
HARD COST $46,300,000 68.8% $22,000,000 52.3% $19,800,000 52.7% $88,100,000
TOTAL COST $67,300,000 $42,000,000 $37,600,000 $146,900,000
TOTAL COST
(/unit)
$373,900 $350,000 $250,700 -
STABALIZED
VALUE (Year 2)
$86,600,000 $47,800,000 $43,900,000 $178,300,000
STABALIZED VALUE
(/unit)
$481,100 $398,300 $292,700 -
PROJECT
PROFIT
$34,300,000 $29,000,000 $23,200,000 $86,500,000
PROJECT PROFIT
(/unit)
$190,500 $241,600 $154,700 -