Dallas-based Civitas Capital Group recently broke ground on a 76-unit, Class A multifamily community in the North Park neighborhood of San Diego’s Balboa Park.
Located at 4080 32nd Street, the project comes into a market that faces a housing shortage, with Balboa Park in particular expected to have zero net new deliveries between the second quarter of 2025 and Q3 2026.
The project comes at a time of a housing shortage in San Diego. The San Diego Association of Governments in March estimated the county requires roughly 20,000 new units annually through 2030 to make up for a 15-year housing shortage. The county is permitting roughly half of that amount with even less breaking ground due to the difficult capital markets environment and the years it takes to obtain permits and entitlements for construction.
In fact, the Balboa Park submarket is expected to have effectively zero net deliveries between Q2 2025 and Q3 2026 – the time when the Civitas project is scheduled to deliver.
“We are extremely excited to bring this deal to the San Diego market,” said Jorge Adler, Director of Investments for Civitas and the lead on the project. “San Diego is a supply-constrained market with what Civitas believes are very positive long-term demand drivers. We are particularly excited about delivering this project in one of the most desirable submarkets of San Diego at a time when few other properties are scheduled to open. It’s a win for the community, and a win for Civitas.”
Jorge Adler, director of investments at Civitas, said a big reason the project could break ground when others could not is because of its ability to accept funding through the EB-5 Immigrant Investor Program. The project is located within a Targeted Employment Area, as defined by UCIS.
“We closed on the land for this project in September of this year and broke ground within 30 days,” says Kelly Lindig, director of development at Civitas. “Our team at Civitas has experience in all aspects of the development and construction process with projects in Texas and California.”
Civitas Capital Group is an alternative investment manager offering compelling, niche opportunities in U.S. real estate, lodging, and private equity. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss.
