View Large
The 60th Street Project is a new value-add model for ACI. The property is an 8-unit community in one residential building located in the San Diego State University (SDSU) college area. The College Area is projecting to double in population in the next 10 years, and ACI expects accelerated rent appreciation in this submarket. There is tremendous demand for housing by students, families, and young professionals. The property also benefits from close proximity to restaurants, groceries, coffee houses, and many transit options in this vibrant community.
In addition to raising rents to market, ACI plans to convert non-habitable space to Accessory Dwelling Units (ADU). As a housing provider, we are excited to provide additional housing for this community. Working with the City of San Diego, we are targeting 4 additional units to take this to a 12-unit building. We expect a 50% increase in Net Operating Income (NOI) after the improvements are complete.
