Amenity-heavy $74M University Heights apartment complex opens

University Height’s new luxury apartment complex, The Nash, is at the crossroads of three popular neighborhoods and is the first attempt at a San Diego project from a Chicago developer.

The Nash has 190 apartments, with an average rent around $2,900 a month, and opened last week. There are many amenities at the property — pool, oversized hot tub and two-story gym — typically reserved for downtown, not the area where Nash is opening.

At 4135 Park Blvd., next to a Sprouts grocery store, the Nash building is at the intersection of University Heights, North Park and Hillcrest. It is an infill project, taking the place of light retail on the site. The developer said the $74 million complex was a no-brainer for the location.

“Our strategy is to be in the most vibrant communities in San Diego,” said Kit Barmeyer, managing director of developer CEDARst Companies, during a tour of the complex.

CEDARst Companies was formed in 2009 in Chicago and primarily works with infill development. It now has around 7,000 apartments in operation, under construction or in pre-development. Most of its projects have been in Chicago, but it also has complexes — either opened or in development — in Minneapolis, Cleveland, Las Vegas and Miami.

Barmeyer said the company’s strategy is to go all-in on amenities because it pays off in the long-run with attracting renters and creates more opportunities for fellowship among tenants. He said the company’s plan is to hold the complex long term, not sell it off immediately like many developers, so it pays to do a good job at the start.

Increased amenities mean higher rent and the Nash comes out as the second-most expensive University Heights apartment building. The nearby Winslow complex on Park Boulevard has an average rent of $3,509, said data from real estate tracker CoStar, and is the most expensive. That 379-unit project opened last summer and also has a lot of features including a gym, pool and lounge.

The Nash will further test the market assumption that North Park and University Heights — traditionally some of the most affordable neighborhoods with old housing supply — are ready for luxury apartments.

Barmeyer said interest from renters has been diverse, including older tenants, but The Nash seems tailor-made for a Gen Z Instagram shoot. The co-working space on the first floor is designed like an office from the “Mad Men” era; It has a hot tub the size of pools in most complexes (18 feet wide, 9 feet long); Private cabanas in the pool area; and plenty of interesting spots for photos across the seven-story building, which include views of downtown, surrounding neighborhoods and more.

The Nash

Other amenities include a game room, bicycle storage, washer and dryers in each unit, walk-in closets and balconies on about half of the units. The building only includes showers, stepping back from a recent trend of local developers including bathtubs after years of only having showers.

CEDARst built two floors of underground parking for 152 spots — fewer than its 190 apartments. Barmeyer said he anticipated a portion of the renters won’t be using a car considering it is in one of San Diego’s most walkable neighborhoods and there is a stop on the MTS rapid bus system outside its door. Renters will pay around $100 a month to park in the building, and spots are first come, first served.

Average rent for a studio at The Nash is $2,512 (average 446 square feet) a month; $3,044 for a two-bedroom (593 square feet); and $3,985 for a two-bedroom (760 square feet). There is a move-in special for month free for a 13-month lease.

There are also 10 subsidized units for low-income renters, which include those earning 50 percent of the area median income, or $48,250 for an individual.

The Nash will eventually have a restaurant on the first floor, but the space is still being constructed and CEDARst said it is still negotiating with possible tenants.

The site where The Nash now exists used to be home to light retail, including the Frock You second-hand clothing shop, Walter Todd salon (moved to West Washington Street), and the BFD Big Front Door restaurant (moved down the street).