New 278-unit luxury apartment complex planned for Chula Vista

A 278-unit apartment complex is coming to Chula Vista’s Millenia neighborhood, a dense area with several other apartment and condo buildings.

The project, a joint venture from Ryan Companies and Strata Equity Group, is expected to open its first phase of apartments late next year, they announced this week. At 340,000 square feet, the unnamed apartment complex will include four buildings, 1,180-square-feet of commercial space and 482 parking spots.

Construction is set to begin in two weeks and final completion will likely be in 2026.

Minneapolis-based Ryan Companies previously built the 480-unit Avalyn project about a block over from where its new project is set to go. The Avalyn complex was completed in 2022 and was the largest apartment complex to open that year in San Diego County.

Millenia is a separate section in Chula Vista’s Otay Ranch master-planned community. It is across the street from the Otay Ranch Town Center mall but includes a heavy retail presence that doesn’t require crossing the street to the mall, including Iceskimo, Paris Baguette, Luna Grill and Grater Grilled Cheese.

“Our team looks forward to bringing more high quality residential options to this urban village,” said Daniel Bertao, vice president of real estate development at Ryan Companies, in a statement. “The start of this project comes at the right time as the demand for housing continues to grow across San Diego’s South County while construction starts in the region have decreased significantly.”

The Millenia area is considered a suburban-urban-style district with dense residential development on what used be vacant land. Similar to downtown San Diego’s East Village, it has several complexes from different developers over the years that are all competing with each other.

In addition to Avalyn, Ryan Companies will be competing with several nearby apartment buildings: The 309-unit Boardwalk at Millenia (built in 2018), 273-unit Pulse Millenia (2015), 253-unit Rivue (2019), 113-unit Contessa at Otay Ranch (2015) and 98-unit Marquis at Otay Ranch (2008).

There are rent-restricted apartments in Millenia with the 210-unit Duetta and Volta complex. There are also seven condo buildings that allow for for-sale opportunities in the district, although almost all were opened before 2020 and are sold out, and the 135-room Ayres Hotel. The newest Ryan Companies complex will take up the final vacant lot zoned for multifamily housing in Millenia.

In its news release, the developers said the new project will be heavy on amenities with a pool, hot tub, rooftop deck, pet areas, gym and clubhouse. Other features include coworking space, bike maintenance and storage facilities, as well as electric vehicle charging stations.

Ryan Companies did not offer a cost estimate to build the project but industry website Multi-Housing News said the companies received an $85.4 million construction financing loan for the complex. While it is too soon for rent estimates at the new complex, the company’s nearby Avalyn building charges some of the highest rent in Otay Ranch. It has an average rent, according to CoStar, of $2,873 a month for a one-bedroom, $3,498 for a two-bedroom; and $4,711 for a three-bedroom.