January 2025 Construction Update: Civitas San Diego Fund, LP
Civitas San Diego Equity Fund, LP
A TEA EB-5 Investment in San Diego
Project Summary
Civitas San Diego Equity Fund, LP will fund the construction of a 76-unit, Class A multifamily community in San Diego, California (the “Project”).
The Project is located within a Targeted Employment Area (TEA) and therefore qualifies for the $800,000 minimum EB-5 investment.
Total EB-5 investment size is $14.4MM, accommodating 18 investors.
Target Key Terms and Capital Structure1
| Asset Type | Multifamily |
| Total Capitalization | $34.0MM1 |
| Equity | $1.0MM Sponsor Equity $14.4MM LP Equity1 |
| Senior Loan | $18.6MM1 |
| Number of Investors | 181 |
| Estimated Job Creation | 2262 |
| Visa Category | Urban TEA |
| Target Exit Date | Q4 20273 |
| Exit Strategies | Sale of post-construction recapitalization |
1. Key terms, capital structure, and amounts are current estimates and are subject to change. 2. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies. There is no guarantee job creation projections will be achieved. 3.Project timeline is subject to change.
Opportunity Highlights
Irreplaceable Location
The project is located in San Diego’s Balboa Park neighborhood, which has the densest population of 25-34-year olds in San Diego, has easy access to downtown, and most of San Diego’s key employment nodes.31
Fully Financed & Construction Started
All financing for the project is in place. Construction started in Q3 2024, demolition completed as of October 3, 2024.3
Measures to Reduce Risk
Civitas is providing a guaranty of construction completion as well as a guaranty to return investment amount in the event of an I-526E denial.4
4. Subject to certain exceptions and conditions, including the investor’s exhaustion of all administrative appeals with respect to the I-526E denial. Please see fund offering documents for a full description of applicable terms and conditions. 31. Costar - Multi-Family Submarket Report, Balboa Park as of 3/6/2024.
Civitas EB-5 Track Record
50+
EB-5 funds
1,500+
EB-5 Investors
100%
EB-5 Project Approval Rate
I-829 Approval Rate‡
1,100+
I-526 Approvals
$440MM+
Capital Returned to Investors
40+
Managing Relationships with Investors in 40+ Countries
† Data as of November 12, 2024. ‡ The 100% USCIS approval rate for Civitas-affiliated I-829 petitions referenced herein refers to petitions which USCIS has fully adjudicated as of the date hereof, and accordingly does not include petitions which (i) have not yet been adjudicated; (ii) were voluntarily withdrawn or abandoned by the petitioner; or (iii) are in any stage of appeal from an initial adjudication. The success of Civitas-affiliated petitions adjudicated to date does not guarantee success in future cases.
Project Location: San Diego, California
SAN DIEGO PROXIMITY
120 miles from L.A.6
Located just south of Los Angeles and Orange County, San Diego is ideal for those seeking a balance between urban convenience and coastal tranquility.
70 miles of coastline on the pacific ocean7
San Diego’s coastal charm is undeniable. It is also a critical economic driver that supports tourism, real estate, marine industries, and environmental initiatives.
30 minutes from Mexico
San Diego’s proximity to the U.S.-Mexico border makes it a critical hub for international trade and commerce.
Sources: 6. Sources: Distance.to 7. Sandiego.com – San Diego‘s Beaches & Bays
SAN DIEGO, CA
- #2 Big City in America in 2023 Named By Condé Nast Traveler8
- 8th largest city in the United States9
- 2nd safest large city in the United States10
- 1st greenest city in the United States11
- 3rd largest life sciences cluster in the United States12
- 31.8MM annual visitors13
- 148,000 San Diego residents employed by the military14
- $257B in real GDP making it the 17th largest by MSA in the United States15
- $99K Median Household Income in 2022, 32% higher than US16
- 1.6MM regional jobs in 202317
- UC San Diego ranked #7 among U.S. public universities18
- Popular attractions include the world-famous San Diego Zoo and San Diego Zoo Safari Park, SeaWorld San Diego, and LEGOLAND California.
Sources: 8. Conde Nast Traveler, The Best Cities in the US: 2023 Readers' Choice Awards. 9. Encyclopedia Britannica, list of the largest U.S. cities by population as of 8/5/2024. 10. The Hill, Texas city sits atop new ranking of safest cities, as of 2/15/2023. 11. WalletHub, Greenest Cities in America, as of 10/4/2023. 12. JLL - San Diego America's Finest City, Biotech Beach, and the Golden Triangle Region 2024. 13. Source: sandiego.org, San Diego Industry Research, 2023. 14. Nuffer, Smith, Tucker - Military Economic Impact in San Diego. 15. Federal Reserve Bank of St. Louis - Total Real Gross Domestic Product for San Diego-Carlsbad, CA (MSA). 16. US Census Bureau - Household Income in States and Metropolitan Areas: 2022. 17. San Diego Regional Economic Development Corporation - About the Region, as of 8/5/2024. 18. University of California San Diego - UC San Diego Ranked No. 7 Best US Public University by Center for World University Rankings.
SAN DIEGO PROXIMITY
The Project is located in the North Park neighborhood of Balboa Park, a walkable community full of historic and unique shops, restaurants, bars, museums, and various other amenities such as the San Diego Zoo.
Balboa Park has one of the densest populations of 25- to 34- year-olds in San Diego and has easy access to downtown and most of San Diego’s key employment nodes.
- 4080 32nd Street within walking distance to more than 35 shops and restaurants
- 15 minute drive to downtown
Balboa Park Real Estate Submarket
North Park Neighborhood19, 20
The Balboa Park submarket is expected to have effectively zero net deliveries between Q2 2025 and Q3 2026. The Project is slated to deliver in Q2 2026, a time with limited competition that should drive leasing momentum during lease-up.
Sources: 19. Costar - Multi-Family Submarket Report, Balboa Park as of 3/6/2024. 20. Costar – as of July 2024
North Park: A Renter’s Submarket
Sources: 21. Point2Homes.com – North Park, San Diego, San Diego County, CA Demographics. 22. Governing.com - Renter Population Data by City as of 3/27/2019. 23. PPIC.org – California’s Renters as of February 2024. 24. Zillow.com – North Park, CA Housing Market 25. Zillow.com - San Deigo, CA Housing Market. 26. Zillow.com – California Housing Market. 27. Zillow.com – United States Housing Market. The above information has been provided by third-party sources. While Civitas believes the sources to be reliable, Civitas makes no representation or warranty, express or implied, regarding the accuracy, completeness, or use of the information.
All Financing for the Project is Fully in Place
Total Projected Project Cost $33.8MM28
28. Key terms, capital structure, and amounts are current estimates and are subject to change.
Job Creation29
1,881
expected jobs to
be created
151%
of job requirement
expected to be satisfied
117%
of requirement expected to
be satisfied by construction
phase
29. Job creation estimates are calculated by an independent, third-party econometric consultant using RIMS II, Regional Input-Output Modeling System. RIMS II is a tool provided by the Bureau of Economic Analysis (BEA) to help economists and researchers analyze the potential impacts of economic activities on regional economies. Job creation estimates may change and there is no guarantee job creation projections will be achieved.
Project Timeline30
2024
Construction
started in Q4
2026
Q2 construction
completion
lease-up
2027
Q1-Q3 ongoing
operations
2027
Q4 sale of
the asset
30. Project timeline is subject to change. This document is provided on a confidential basis and does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services.
Project Location Demand Drivers31, 32
Sources: 31. Costar - Multi-Family Submarket Report, Balboa Park as of 3/6/2024. 32. Approximation of the site.
Project Renderings33 & Construction Site Images
Outside Renderings
East Elevation
South Elevation
West Elevation
North Elevation
Amenities
Demolition Completed October 2024
33. Renderings are subject to change. This document does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services. Such an offer may only be made to qualified investors via delivery of a formal confidential private placement memorandum or equivalent materials that describe the material terms.
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