Developer Greystar has delivered the largest apartment complex in Downtown San Diego. Located in the East Village neighborhood, Park 12 – The Collection is a $400 million luxury apartment community with two residential towers totaling 718 units. The property overlooks the San Diego Bay and Petco Park and features two pools with a sundeck and spa, underground gated parking, a clubhouse with kitchen, a resident lounge and multiple rooftop terraces.

“Our vision for Park 12 was a city of villages that would allow for a diversified resident profile of both millennials and baby boomers,” Jerry Brand, executive director of west coast development for Greystar, tells GlobeSt.com. “We also wanted to take full advantage of the project's most unique attributes: its proximity to the water and amazing views of the ocean, city and Balboa Park. We put in floor-to-ceiling windows to maximize the view corridors in all directions. And, with 14 separate common areas, the project was designed to inspire our residents in an atmosphere that is both relaxing and activity-rich.”

The concept is certainly unique, but the size is also notable. However, Downtown San Diego is growing rapidly and there is increasing demand for apartment units. “San Diego has experienced an explosion in job creation with at least 30,000 jobs added each year,” says Brand. “And, given that San Diego is already an attraction for millennials and is home to three prominent universities, the city has a young, educated workforce that is ready to meet the demand of the growing market. Millennials, and the younger generations in general, choose to live downtown to enjoy all the available amenities and experience the nightlife activities in East Village.”

Downtown San Diego is also attracting a more innovative stable of companies, which has changed the market dynamic and created more demand for higher end housing. “San Diego is attracting more interest from technology companies that express a desire to be in downtown locations, where the younger generation prefers to live,” says Brand. “This project also embraces mixed-use, with over 45,000 square feet of retail and commercial space, and caters to a very active lifestyle, with its proximity to locations like Petco Park and the downtown library, and with the expansion of the light rail system, which will allow residents to access downtown, Old Town and the UTC area from their doorstep.”

Since opening, Greystar has had good leasing traction. The developer launched leasing efforts in the fall, and has since leased an average of 10 units per week. “The demand has met and exceeded our expectations,” explains Brand. “One of the biggest advantages is that we offer a variety of floor plans and rent levels—with the highest rents in the high-rise building and the more moderate rents in the midrise building—which has allowed for reasonable absorption.”

Greystar plant to hold the property for 10 to 15 years, as it typically does with its developments. “We have placed a condo map on the high rise, which will allow for a sale in 10-plus years to a convertor,” says Brand. “Since we know that investors are looking to build and hold for the long-term, Greystar intends to stay on and manage the property with investors who have a desire to remain in the project for more than 10 years.”