A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property near San Diego.
The apartment complex will be located within Millenia, a 210-acre mixed-use community in the Otay Ranch submarket of Chula Vista, Calif., developed by Meridian Development for the landowner Stratford Land and includes retail, office and multifamily residential features. According to SANDAG, the San Diego region’s planning agency, the area’s multifamily industry is currently experiencing a 55,000-unit shortfall, which is increasing by 5,000 to 8,000 units per year. This project will help meet that demand and will be the fourth and final market-rate apartment project constructed in Millenia.
“Ryan and our experienced partners, including MetLife Investment Management, Allstate, Meridian Development, Stratford Land and the City of Chula Vista, are all passionate about providing high-qualit
