Acqua VistaMultifamily Development & Urban Infill
STUDIO CITY REDEVELOPMENT
Acqua Vista is a 382-unit high rise (19 floors) apartment project with condominium map located in the Little Italy submarket of San Diego, California. Acqua Vista was completed in 2004 and subsequently sold to K. Hovnanian as a bulk sale with the expectation that the units would be sold to individual homeowners. The project was structured as a joint venture between Genton Cockrum Partners and an institutional investor. The $80 million project was acquired, entitled, constructed, and sold by Genton Cockrum Partners.
The Acqua Vista investment thesis was to capitalize on the healthy demand for high-end rental product in the supply-constrained Little Italy submarket. Assembling the site, obtaining up-zoning in density and obtaining a condominium map created added property value. Acqua Vista was well-positioned to address the market’s lack of new product at the time and its low-quality existing rental and for-sale inventory.