Ryan Companies US, Inc. and Strata Equity Group, Inc., have teamed up, kicking off construction on a swanky new housing complex dubbed Millenia Lot 19 in Chula Vista, California. They're pouring $85.4 million into the project, bagging a hefty construction loan from Banc of California with a lavish 3-year term, per public records dug up by Multi-Housing News. The tag team expects to roll out the first batch of units by late 2025.

Millenia Lot 19 is rising from a sprawling 7.5-acre dirt patch and will flaunt 278 units when it's all said and done. From cozy studios to spacious three-bedroom setups – square footage numbers range from modest 612 to grand 1,691. Ark Architects Inc. is the brains behind the design, and Ryan Companies isn't just handling the construction. They're leading the charge. Based on details from Connect CRE, this luxury pad is the final residential piece of the Millenia master plan – a 20-year undertaking now coming to a head.

Location? Try 1902 Millenia Ave. It's snug in the multimillion-dollar Millenia neighborhood, a stone's throw from swanky shopping at Otay Ranch Town Center, less than a mile walk. With Cali's State Route just a hop, skip, and a jump away, downtown Chula Vista's urban buzz is a mere 10-mile trip.

Demand for high-end cribs in San Diego's South County is up, but builders aren't cranking them out fast enough – a niche Millenia Lot 19 is itching to fill. Daniel Bertao, Ryan Companies' VP of real estate development, let slip in a hawk-eyed interview by Connect CRE, "The start of this project comes at the right time as the demand for housing continues to grow across San Diego’s South County, while construction starts in the region have decreased significantly."

Chula Vista's rising skyline will see a bump in swank apartments, with over 1,000 units coming up as of March, all due to the city's building spree counted by Yardi Matrix. And the Ryan Companies isn't new to this game, having already unveiled The Avalyn – a 480-unit residence that's part of the same grand Millenia schemata.