New San Diego apartment complex charges more than $4K for a two-bedroom

Rents at San Diego’s newest luxury apartment building, Folia, rival a mortgage payment.

The 342-unit Folia complex at 12520 Camino Del Sur opens this month and already is one of the most expensive apartment buildings in San Diego County. It is located on the edge of  Carmel Valley, northeast of Sorrento Valley, home to the region’s high-paying biotech industry.

Average rent at Folia for a one-bedroom apartment is $3,389 a month, said real estate tracker CoStar; For a two-bedroom, $4,316; and for a three-bedroom, $5,274.

For that price, renters will get access to a considerable amount of amenities. There is a large gym with an outdoor workout area, a pool and hot tub, co-working space (including a board room), storage area for packages, plenty of parking (660 spaces), lounge areas, and washer and dryers in each room.

There are a lot of small games and activations in the outdoor areas, such as a tiny putting green, foosball table, hammocks, slide for kids and a bocce ball court.

The size of the rooms are bigger than what most new buildings are offering: A one-bedroom averages 801-square-feet; For a two-bedroom, average 1,175 square feet; and for a three-bedroom, 1,429 square feet.

Property managers Jessica Collins and Kindy Moore said, so far, the majority of people signing leases have been men in their 30s who work in tech. Leasing started Jan. 15 and around 24 leases have been signed, they said.

The complex is spread out across several structures that vary from four-to-five stories. It is accessed by California state Route 56 and was built on previously vacant land. It is mainly surrounded by open space in the Del Mar Mesa Preserve. Construction started in March 2022 and there are still a few finishing touches to complete, but it is expected to be totally done next month.

Brent Schertzer, managing director at Holland Partner Group, said it chose the location because of a “strong demand for rental housing in a highly desirable, central area with access to top public schools.”

Folia’s rent is considerably higher than San Diego County averages in mid-February — $2,212 for a one-bedroom, $2,676 for a two-bedroom, $3,457 for a three-bedroom — but it isn’t even the most expensive to open this year. That distinction belongs to The Lindley in Little Italy, which charges an average $6,171 for a one-bedroom.

Unlike most San Diego County projects, Folia was not obliged to include any subsidized housing because it was not required in the city’s masterplan for that area, called Rhodes Crossing. There is other subsidized housing in the area, away from Folia.

Building in the area around Folia, which sits between Carmel Valley and Rancho Peñasquitos, has received pushback from neighbors over the past decade because of increased density, but typically gets approved because of local officials’ desire to build more housing.

Any headaches developers face is worth it because of how affluent the area is, said Alan Nevin, director of economic research for San Diego-based construction management company Gafcon.

“Income levels there are very high,” he said. “These apartments are renting to folks working in the scientific fields and earning in the six figures.”

Nevin said the greater region surrounding Folia, including Mira Mesa, has a housing shortage compared to other areas of the city. He said continued growth in tech and biotech would mean a lack of apartments in the area and probably mean strong rent growth in the future at places like Folia.

As a move-in special, renters at Folia can get up to eight weeks free. However, that is based on signing longer leases, starting at 15 months, and signing within two days of a tour.

Folia developer Holland Partner Group, based in Vancouver, Wash., declined to give the overall cost of the project. The privately held company has more than $4 billion in assets under management, said its website. It also developed the $450 million West building in downtown San Diego, a mixed-use project with 431 apartments, and The Society, a $487 million high-end apartment complex in Mission Valley.