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5/06/25
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Raintree Partners is developing three new contemporary Class A multifamily communities in San Diego County at a total investment of about $225 mil. Totaling 498 units, the luxury properties encompass: Treehouse, a 107-unit development currently under construction in Bankers Hill; Flora + Fauna, a 189-unit project under construction in Bankers Hill; and Dos Lunas, a 202-unit community in Encinitas poised to begin construction late 2025.
All three projects are amenity-rich rental communities characterized by vibrant designs with a range of in-unit features including: top-of-the-line appliance packages with washers and dryers in each home; contemporary countertop, backsplash, flooring, cabinet and hardware selections; expansive windows; specialty glass sliding doors; air conditioning; and more. Common areas include abundant experiential amenities – from outdoor dining and entertaining spaces to resort-style pool areas.
“Back in 2020 and 2021, there was a shift in demand within our portfolio – people were moving from LA and the Bay Area showing a strong preference for San Diego, especially with the rise of work-from-home policies and the area’s compelling quality of life,” noted Raintree Partners’ Co-CEO and president of development Jason Check. “That shift led us to focus on land entitlement opportunities in downtown and North County San Diego. Even amid today’s choppy capital markets, those projects are moving ahead, which speaks to the strength of the locations, the region’s strong job market and our long-term belief in San Diego as a vibrant, growing market.”
The new developments include:
2525 1st Avenue, San Diego |
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• Treehouse -- an eight-story podium building located at 2525 1st Ave that spans 115.5k sf with subterranean parking and airy, contemporary architecture inspired by the botanical gardens of nearby Balboa Park. With a focus on wellness, the amenity line-up includes a fitness center and sauna, a Zen spa deck and a roof deck with a greenhouse-inspired trellis, outdoor dining and lounge space with ocean and bay views and an herb garden adjacent to an outdoor kitchen/garden zone. There are studio, one- and two-bedroom options. Slated for completion in November 2025, the community replaces an older apartment building owned by Raintree. Architect: BDE Architecture; Contractor: ECON Construction.
• Flora + Fauna -- located at 411 Ivy St, the 115.5k sf, two-building community features six levels of sleek, modern architecture marked by rectilinear elements and an outdoor lifestyle replete with a sauna, spa and cold plunge, a coworking lounge and a roof deck with ocean and city views. Fostering a connection with nature, the community’s distinctive biophilic design incorporates the beauty of nearby Balboa Park. Studio, one- and two-bedroom floor plans, as well as two-bedroom townhomes are available. Slated for completion in mid-2026, the one-acre development occupies the site of a former office building. Architect: BDE Architecture; Contractor: W.E. O’Neil Construction.
696 Encinitas Blvd, Encinitas |
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• Dos Lunas -- situated at 550 – 590, 696 Encinitas Blvd in Encinitas, this coastal living-oriented project consists of 260.3k sf of space over four levels in three buildings. The development features breezy, modern design and a robust mix of resort-like amenities, including an ocean view roof deck, a pool, spa, cold plunge and sauna coupled with an expansive indoor/outdoor fitness center. It offers a mix of studio, one-, two- and three-bedroom units, as well as two-bedroom townhomes. Slated for completion in 2027, the new property is on an undeveloped 4.9-acre site. Architect: AO.
With these latest properties, Raintree now owns six communities totaling 1,265 homes in San Diego, including: Regents La Jolla, a 333-unit community at 9253 Regents Rd in La Jolla; Axiom La Jolla, a 302-unit community at 3950 Mahaila Ave in San Diego; and Flower Fields, 132 units at 2666 Flower Fields Way in Carlsbad.
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