Mirka Investments is Building an Affordable Housing Project in San Ysidro

A downtown San Diego developer has started construction of a $70 million San Ysidro apartment complex that will provide housing for low-income families and individuals.

Mirka Investments in December broke ground for Vis-ta Lane Family Homes at 3481, 3501 and 3509 Vista Lane. The firm partnered with Hunt Capital Partners of Los
Angeles on the project.

“We take pride in being in San Diego and we're very committed to our hometown,” said Kursat Misirlioglu, founder and CEO of Mirka Investments. “If you look at that section of town, there's a lot of activity. There's a lot of people. There's a need for affordable housing.”

The four-story San Ysidro project will have a total of 167 apartments in a mix of studio,
one-bedroom, two-bedroom, and three-bed-room units ranging from 572 square feet to 1,100 square feet, Misirlioglu said.

It will include 206 surface parking spaces. The apartments will be earmarked for families with annual incomes of 50% to 60% or less of the AMI (Area Median Income). For 2022, the AMI for San Diego Count was $106,900, according to federal guidelines. The AMI hasn't been adjusted yet for 2023.

Amenities will include elevators, a playground, a community room, and on-site services for residents including language classes and after-school programs, Misirlioglu said.

“It's a transit-oriented development,” Misirlioglu said. “It is located in a very strategic location in terms of have access to supermarkets or transportation, connection to key destinations.”

More Coming

The project “got caught in a perfect storm” of rising interest rates and rising construction costs, Misirlioglu said. “We chose to move forward. We had to work very hard. We were able to get our permits within six months. That was great. We appreciate the help of the City of San Diego. They've been very supportive.”

Construction of Vista Lane Family Homes on what had been a vacant site is expected to take about 24
months to finish followed by a similar project that will share the same site – Vista Lane Affordable Apartments with 100 apartments.

Work on Vista Lane Affordable Apartments could begin in the fourth quarter of 2023, Misirlioglu said.

About Mirka Investments

Mirka Investments is the co-owner, co-general partner, owner, or affordable housing developer of several San Diego County and Southern California projects.

“We have closed nine projects in the past four years since the incorporation of the company. Most have
been happening in the last 2 ½ years, Misirlioglu said. “We may expand to other places.”

Mirka's Southern California projects include CBA Senior Garden in downtown San Diego with 45 apartments, and Valencia Pointe in Southeast San Diego with 102 apartments.

Other projects that Misirlioglu said that Mirka has been involved in beyond San Diego County include Hollies Hotel with 59 apartments in Calexico, Worthington Luna with 66 apartments in Imperial, Worthington Del with 48 apartments in Imperial, and Pico Gramercy with 49 apartments in Los Angeles' Korea Town.

Misirlioglu said that the company also served as development consultants on St. Stephens Retirement Center in Encanto and Villa Lakeshore in Lakeshore.

“Mirka identifies sites, works on financial planning of the project, works on all funding identification, and organizing the development team from architects and engineers to general contractors,” Misirlioglu said.

Still in the works for Mirka investment are affordable housing projects in National City, Oceanside and Escondido, according to the firm's website.

Financing for Vista Lane Family Homes included $43.5 through California Bank & Trust. The bank financing was arranged by Steve Herman, senior vice president, and Chris Kanstrup, vice president.

Source Link: Page 26, of San Diego Business Journal (SDBJ), https://sdbusinessjournal.pressreader.com/san-diego-business-journal