74 unit Multifamily Midrise

Unique Multi-Family Investment Opportunity

74 unit Class A new construction mid rise. Energy efficient green build with full resident amenity package inluding roof deck with amazing views, lobby lounge area, business office, fully equiped gym with dry sauna, parking, and private storage rooms. A+ location in the Hillcrest/Bankers Hill neighborhood, one of San Diego's most desirable communities, located between Balboa Park and Little Italy, just north of the downtown business district. The property is located on Front Street within a few blocks walking distance to the some of San Diego's best restaurants, cafes, and entertainment venues along the vibrant Fifth Avenue commercial corridor that runs from downtown San Diego to the south, to affluent Mission Hills to the north. Yet enjoys a tranquil setting among historic Victorians and charming Craftsman homes in the upscale Mansions area west of First Avenue, with stunning views of the downtown skyline, the Coronado Bridge, San Diego Bay, Point Loma, and the Pacific.
First Round Investment (Q4 2022 to Q2 2025): $2.35M, by Cirius Partners LLC (Sponsor) and the "Class B1" investor, acquired 3554 Front Street (all-cash) in Q4 2022, which represents a $1.1M+ initial investment. Sponsor has since invested an additional $1.25M+ between the assemblage of the adjacent property at 3560-64 Front Street. And into due diligence, design/plans development, architects, engineers, top tier consultants, team building, entitlement, multi-discipline reviews, and preliminary preapprovals. Resulting in an exceptionally designed, and significantly de-risked project. As the project has been deemed to be eligible for acceptance into the Mayor's Complete Communities Now fast-track Plans approval process.
Second Round Investment (Q2 2025) $1.8M Capital Raise between Six (6) Class B Investors at $300K each, consisting of: Five (5) "Class B2" value-add positions at $300,000 ($1.5M total), projected at a 23%+ proforma IRR and 2.0 x Equity Multiple. One (1) $300,000 "Class B3" position available for an experienced Co-Borrower a Guarantor (if needed), as Non-Recourse financing is available). Which position is projected to earn a 40% proforma IRR, and 3.1 x Equity Multiple. It is estimated that the Class B2 and B3 Investors will be invested for a 43-month period (Plans Completion and Approval, Construction, Rent-Up/Stabilization, and Sale). The Class B2/B3 investment is phased in three (3) equal $100,000 rounds: The first $100K upon review, approval, and execution of the Subscription Agreement (May-June 2025). The second $100K within 4-6 months upon completion and submittal of Plans. The third, final round of $100K within 9-12 months, upon Plans Approval (RTI).
Third (Final) Round Class A Investment (Q1-Q2 2026): Consists of an estimated $10.6M Equity Raise. $100,000 minimum investment, 14.5%+ proforma IRR and 1.4 x Equity Multiple. Funding upon Plans and Loan Approval. Class A Member pledges and selection to occur Q1 2026, with funding estimated to occur Q2 2026. It is estimated that the Class A Investors will be invested for a 28-month period (Construction, Rent-Up/Stabilization, and Sale).
Class B Investors will be selected on a value-add basis, form the Project's "Board of Advisors", and be consulted as to Key Decisions. Class B Investors will have Right of First Refusal to invest in the Class A round, as well as subsequent projects. All Members in the development entity, 3560 Front Street LLC, will enjoy the limited liability afforded by a Limited Liability Company (LLC) structure, with the Class A Investor position being passive. ** All investors must be Accredited Investors and California Residents. **
Financing: The Project is seeking a Construction Loan at 65% Construction Cost (52% of Value estimated upon Completion). We have received preliminary terms from community banks and private sources in the range of +/- 8% interest, payable interest only monthly from an impounded interest reserve account (interest on funds as-drawn). Initial letters of interest are for a three year term, with optional extensions if necessary (the construction period is estimated to be 22-months, plus 4-months for lease-up (following 3-months of preleasing), stabilization and Exit via sale or refi (all projected to occur within 26 to 28 months from start of construction).
The project is Entitled by Right pursuant to San Diego's Housing 2.0 Complete Communities zoning. Preliminary Planning Review completed and Approved. Historical Review completed and Approved (existing structures OK to Demo). As mentioned above, the Project has been deemed eligible for acceptance into the Mayor's Complete Communities Now plans approval expedite program.
Phase I and Soils/Geotech Reports have been obtained. Preliminary Design, Schematic Design, and 100% Design Development has been completed. Construction Drawings (CD's) are currently in process, and are estimated to be completed, reviewed, and submitted to the City for Plans Approval within 4-5 months (Sep/Oct 2025).
Over the Past 2+ years we have assembled an A-Team of Top Local Midrise Multifamily Development Professionals: Design Architect: Matt Stowe, AIA, ArchitectsLocal, Project Architect: Deborah Smithton, AIA, LEED AP, Smithton Architects General Contractor: Dave Gardner, Highland Construction (30 years' experience). Has built some of San Diego finest midrise and high-rise multifamily projects. Including some of the finest Local and National Level Consultants: Structural: DCI Engineers, Justin Wei, Civil: PLSA, Zack Sikora, MEP: H+W Engineering, Tom Harmon, Bryan Wayne, McCullough Landscape Design, Interiors: Tecture Design, and more.
Cirius Green Development LLC (Developer) has over 100 years of experience in real estate investment, multifamily operations and management, project entitlement, development, construction, real estate finance, fund management, and brokerage experience between its principals: John Citrigno, CCIM, Manager Rainer Gustin, Underhill Properties And key advisors: Lance Tate, Tate Development Danny Fitzgerald, Beyond Development Resumes/Bios available upon request.
Disclaimer: The information contained herein has been obtained from sources we believe to be reliable. However, it is based upon many assumptions. Construction costs, for example, have been obtained from experienced local general contractors actively building this type of construction in the area. However, they are ROM estimates based upon the 100% DD Plans set dated 3.27.25, not final approved Plans. And not based on final negotiated subcontractor bids. Actual numbers may vary, as can market factors. These projections, opinions, assumptions, and estimates are for example only, and they may not represent the future performance of the project. You and your real estate, tax, and legal advisors are advised to make any investment decision based upon your own investigation. ** This Summary is for information purposes only and does not constitute an offering of securities. **

Prime Location

The property's Hillcrest-Bankers Hill's central location in San Diego places residents within easy reach of downtown, cultural attractions, shopping centers, and employment opportunities, with a wealth of amenities and facilities that enhance the quality of life. It is an area known for its picturesque hillsides, tree-lined streets, and stunning views of the downtown skyline, the San Diego Bay, the Coronado Bridge, Point Loma, and the Pacific Ocean.

Bankers Hill

Bankers Hill is an uptown San Diego neighborhood bordered by Mission Hills and Hillcrest to the north, by Downtown to the south and Balboa Park to the east. It was named “Bankers Hill” because of its reputation for being home to the affluent. Many of the homes, designed by the likes of Irving Gill and other notable architects, date back to the late 1800s and some have been restored into bed-and-breakfast inns and office suites occupied by architects, design professionals, accountants, and attorneys. The area is renowned for its views of the ocean or Balboa Park and the walk-ability to restaurants, cafes, bars, and the world famous Balboa park, which make it one of the best urban neighborhoods in San Diego. Bankers Hill has a reputation as a safe neighborhood within the broader San Diego area, with relatively low crime rates.

Vibrant Lifestyle

The neighborhood offers a tranquil setting while still being in close proximity to the vibrant urban core. It is an upscale, affluent area with close proximity to lively dining in some of San Diego's best restaurants, with cafes and entertainment options in diverse and vibrant Hillcrest and Bankers Hill, but also nearby Mission Hills, Little Italy, and Downtown San Diego, all within walking distance or a short drive.

Canyons, Bridges and Mansions

Our Front Street Project is on the Seven Bridges Trail, only a few blocks north of the famous Spruce Street Suspension Bridge built in 1912. Cross the Spruce Street bridge over Arroyo Canyon into the Mansions area with its mix of stunning Victorian and charming Craftsman-style single-family homes. Or the Quince Street Bridge built over Maple Canyon in 1905, a few blocks to the east. And into a diverse real estate landscape ranging historic homes, townhomes, and office buildings, to highrise contemporary condominiums that cater to those seeking a low-maintenance urban lifestyle. With its stunning architecture, proximity to lush green spaces, and easy access to amenities … the Hillcrest-Bankers Hill area provides residents with a refined urban living experience that is unmatched.

Balboa Park

Nearby Balboa Park offers an array of attractions, including walking trails, gardens, museums, and cultural institutions. Its expansive green spaces invite residents to engage in outdoor activities, fitness pursuits, or leisurely walks amidst stunning surroundings.

Front Street

Front Street is not a through street (like First Avenue and all the streets to the east), which adds to the peacefulness and safety of the neighborhood. Ample on-street parking exists in the neighborhood, which is an issue in most of the urban core Uptown areas, particularly in neighboring North Park (referred to locally as “No Park”). All properties in the neighborhood are well maintained, and multimillion dollar homes and historic mansions dot the area.

Affordability

As one of the most desirable neighborhoods in San Diego, the Hillcrest-Bankers Hill area has a higher cost of living compared to most other areas. Housing prices and rental rates are some of the highest in the country, which can pose affordability challenges and a barrier of entry for those who would like to live in such a nice place. Our mission is to provide the area with affordable housing by way of condensing the features and lifestyle amenities of higher-end Class A multifamily and condominium projects, at an entry-level price for the area (most units rent at +/- $2,500 per month). Through the efficiency afforded by our well-designed and predominantly sub-500 square foot studio and one bedroom residences. With our larger end-unit one bedroom, two bedroom, and Penthouse Loft residences all renting for less than half the cost of the ownership of a similarly located and well-executed for sale condominium or townhome.