$40M O’side Project Begins Construction

REAL ESTATE: Permit Filed For $30M 2nd Project

BY  RAY HUARD

MARCH 11, 2024

South River Village in Oceanside will have 43 apartments for low-income individuals and families including those with developmental disabilities. Rendering courtesy of Mirka Investments

OCEANSIDE – Mirka Investments, in partnership with Hunt Capital Partners, is starting construction of a $40 million affordable housing project in Oceanside – South River Village – and has applied for permits to build a second $30 million affordable complex in the city.

With 43 apartments, South River Village at 4933 North River Road will fulfill inclusionary housing requirements for a nearby market-rate development by Lennar, North River Farms.

“This is a byproduct of the affordable housing component that they needed to deliver to the City of Oceanside,” said Mirka Investments CEO Kursat Misirlioglu.

The city requires market rate developers, such as Lennar, to provide affordable housing units as part of their project or nearby.

Designed in Spanish Mission style, the four-story South River Village will have 20 one-bedroom apartments of 573 square feet, 12 two-bedroom apartments of 784 square feet, and 11 three-bedroom apartments of 1,007 square feet.

The apartments will be earmarked for  individuals and families with annual incomes ranging from 30% to 80% of the Area Median Income.

For a two-person household, the income range would be $33,100 to $88,200.

Fifteen of the apartments in South River Village will be set aside for individuals or families with developmental disabilities.

Social services for developmentally disabled tenants will be provided by the San Diego Regional Center, which Misirlioglu said is also providing a $510,000 loan toward construction.

“We do believe that the population of developmentally disabled is ignored and not many people are focusing on providing quality housing for the developmentally disabled,” Misirlioglu said.

Mirka Investments is also working with the Regional Center and the Foundation for Developmental Disabilities in the construction of a San Ysidro affordable housing development, the $47.4 million Vista Lane Affordable Apartments, which will have 18 of its 100 apartments sent aside for people with developmental disabilities.

“We continue to expand our relationship with the Foundation for Developmental Disabilities and San Diego Regional Center in upcoming projects, such as Oceanside,” Misirlioglu said.

More Affordable Housing Projects to Come
The apartments in South River Village will have balconies with shared amenities that include a tot lot, a community room, a laundry room, and 28 parking spaces.

“It’s going to be the most beautiful affordable housing project, with a lot of market rate components attached to it,” Misirlioglu said.

Level 3 Construction, Inc., based in Vista, is the general contractor.

South River Village is Mirka Investment’s first Oceanside project and smaller than most of the other projects the company has built or planned.

“For us, there is no small project. We take on every deal and look at the big picture. Oceanside is in dire need of this type of housing, workforce housing and affordable, low-income housing,” Misirlioglu said. “We believe there is room for redevelopment in Oceanside. It’s a very development-friendly city.”

Still in the design stages by Mirka Investments is a second Oceanside affordable housing project on El Camino Real that Misirlioglu said will have 110 apartments for people with annual incomes ranging from 30% to 80% of the Area Median Income.

Construction is tentatively scheduled to start in the first quarter of 2025.

The project will have 55 two-bedroom apartments of 725 square feet and 55 three-bedroom apartments of 925 square feet.

Mirka Investments, LLC

FOUNDED: 2018
CEO: Kursat Misirlioglu
HEADQUARTERS: Downtown San Diego
BUSINESS: Affordable housing development
EMPLOYEES: 10
WEBSITE: www.mirkainvest.com
CONTACT: 619-323-1447
NOTABLE: Mirka Investments has developed multiple affordable housing projects in Southern California, concentrating on communities within San Diego County.