To address San Diego's pressing housing shortage, Civitas Capital Group, known for its alternative investment strategies focused on U.S. real estate, has reportedly initiated construction on a new residential development in the North Park area, according to a recent announcement by the Dallas-based firm. The 76-unit, high-class multifamily community is situated at 4080 32nd Street, ideally nestled within Balboa Park's bustling neighborhood, replete with an eclectic mix of shops, eateries, nightlife establishments, cultural institutions like museums, and proximity to the world-renowned San Diego Zoo.
With the young adult population burgeoning in the Balboa Park region, this Civitas-led initiative emerges amidst a concerning landscape where the San Diego Association of Governments estimates a critical need for approximately 20,000 new housing units annually through 2030 to counterbalance a 15-year backlog while the current rate of permits issued for new constructions hovers at a mere half of the required amount—compounded by the arduous process of obtaining necessary permits and entitlements for construction, which often spans multiple years.
Civitas’s announcement underscores the company's keen enthusiasm for this project, especially given the scarcity of similar developments in the pipeline for the San Diego market within the time frame of Q2 2025 to Q3 2026—during which the Civitas project is slated for completion. Jorge Adler, Director of Investments at Civitas and leading the project, expressed optimism, citing that "San Diego is a supply-constrained market with what Civitas believes are very positive long-term demand drivers" and that the project's timing and location represent dual wins for both the community and Civitas.
Civitas swiftly moved from land acquisition to groundbreaking in just 30 days this September, showcasing their efficiency in development and construction. Director of Development, Kelly Lindig, credited their experience in Texas and California, and their partnership with Richard & Richard Construction, known for projects in Southern California, including work for the U.S. Navy. Together, Civitas leaders Jorge Adler and Lindig bring over $2.4 billion in real estate transactions to the table.
