Mirka Expands Vista Lane Affordable Housing Project

REAL ESTATE: $47.4M Building Adds 100 More Units

Ray Huard | February 1, 2024
Mirka Investments is adding a second affordable housing project to its Vista Lane Affordable Family Homes project in San Ysidro, Rendering courtesy of Mirka Investments

SAN YSIDRO-Mirka Investments is starting construction of a $47.4 million affordable housing project in San Ysidro.

Vista Lane Affordable Apartments is the companion project to the adjacent $70 million Vista Lane Family Homes, which is under construction and will have 167 apartments.

To be built on a 1.23-acre site at 3509 Vista Lane, the latest San Ysidro project by Mirka Investments will have 100 apartments earmarked for tenants with annual incomes of 30% to 80% of the area median income.

Annual median income levels haven’t been set for 2024, but in 2023, it was $116,800.

Of the 100 apartments in the four-story building, 18 will be set aside for people with developmental disabilities, 15 will be ADA (Americans with Disabilities Act) compliant, and 10 apartments will be earmarked for tenants with hearing and/or visual impairments.

Vista Lane will be LEED certified and Green Point rated for its energy efficiency and sustainability, according to Mirka Investments.

Mirka Investments has partnered with Hunt Capital Partners of Los Angeles on Vista Lane.

Other financing came from Citi Community Bank, HCP Bond Investors, LLC, and the San Diego Regional Center/Foundation for Developmental Disabilities, which provided a $500,000 loan. San Diego Regional Center is providing services to those with developmental disabilities.

“With their help in terms of funding and providing services, we are able to provide valuable units for those families or individuals with developmental disabilities,” said Kursat Misirlioglu, CEO of Mirka Investments. “We do believe in providing affordable housing for all.”

The general contractor is C&S Construction Services, Martinez+ Cutri Urban Studio Corp. is the architect, and Hyder Property Management Professionals is the property manager.

Because it is within less than a mile of a bus stop and trolley station, Vista Lane is considered a transit-oriented development.

“It’s a remarkable project because of the strategic location, close to the school, supermarket and trolley and bus station,” Misirlioglu said,

Misirlioglu said that the colorful fa├žade of Vista Lane as designed by Joe Martinez, president and principal of Martinez & Cutril Architects, is meant to reflect the culture of it surrounding neighborhood and its proximity to Mexico.

“It’s kind of striking in the design.” Misirlioglu said. The exterior color palette is a mix of bright reds and yellows and blues with bold green, blue, orange and purple stripes running vertically on one side of the building.

Amenities will include three community rooms, a central laundry room, free Wi-Fi in common areas, a recreation area, a playground and a courtyard.

Oceanside Next

In addition to the San Ysidro projects, Mirka Investments has an affordable housing project in the works in Oceanside, South River Village at the corner of College Boulevard and North River Road.

Scheduled to start construction later this year, the three-story structure will have 43 apartments-20 one-bedroom apartments, 12 two-bedroom apartments, and 11 three-bedroom apartments.

As with Vista Lane, South River Village will have some apartments set aside for the developmentally disabled-15 in this case Misirlioglu said.

The apartments in the Oceanside project will be earmarked for tenants with annual incomes between 30% and 80% of the area median income, Misirlioglu said.

Construction in Oceanside is tentatively set to start later this year.

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.