JMI Realty plans to build more than 900 upscale apartments, with monthly prices at $1,600, on Market Street between Ninth Avenue and 13th avenues. The two blocks between Ninth and 11th will be called Island Towers, two towers of up to 28 stories with 520 units. The block between 11th and 12th will be called Island Court, a 115-unit complex.
East Village Development, a partnership of JMI, San Diego One LLC, and Burnham Development Services, will also build about 280 affordable rental units.
The market for all multifamily housing in the county remains hot. Vacancies in apartment complexes with 25 or more units are still less than 2% in the county. According to a survey by MarketPoint Realty Advisors, the vacancy factor of 1.48% this spring compares favorably to the 5% vacancy rate considered to reflect a balanced apartment market.
The Old Town, Mission Hills and Hillcrest areas have the lowest vacancy factor in the region, according to MarketPoint. The North County coastal area has the highest rate at 4.61%.
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