4324 Meade Ave · Meade I
The opportunity
4324 Meade Avenue is what developers call a unicorn. In development, every project lives or dies by one comparison: what it costs to create the housing versus what that housing is worth once it exists. We acquired this property at a cost basis so low that nearly any amount of new housing built here pencils — the value of what we build comfortably clears what it costs to build it. Most deals have to be engineered into that position. This one started there.
We're using California's state density program to entitle a 17-unit complex on the site — and right next door at 4330 Meade Ave, its 20-unit sibling is moving through the same process. Together they'll operate as one 37-unit community with shared amenities in Kensington: a quiet, largely residential neighborhood of young working professionals that has become one of San Diego's most sought-after pockets. We believe this will be one of San Diego's standout multifamily projects.
As with all of our builds, the existing home is stabilized with a tenant in place. Every property carries a mortgage through pre-development, and in a market as expensive as San Diego, sitting on a vacant house means bleeding that cost every month. Keeping the property rented turns the waiting period into an income-producing one — a more financially efficient project at every stage. We're currently in our first round of submittals with the City of San Diego and expect fully issued permits by the end of summer.
Latest updates
The Housing Commission deemed the existing unit unprotected — so no affordable replacement unit is required — and approved the use of state density programs, allowing 17 units without relying on the Complete Communities program. The long-running engineering review cycle has concluded and the remaining comments are expected to clear in the next round. Demolition and grading permits have been submitted.
Milestones
The property exactly as we found it at purchase — overgrown, neglected, and priced accordingly.
The existing home fully renovated and leased — producing income through pre-development.
Schematic plans and renderings — 17 new units entitled through California's state density program.