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New Pacific Beach apartment complex may come with sticker shock

Posted at 1:45 PM, Sep 05, 2019
and last updated 2019-09-06 18:32:53-04

SAN DIEGO (KGTV) -- A new apartment complex in Pacific Beach is gearing up for its opening, but residents can expect to pay top dollar for all the bells and whistles offered by the complex.

The Jefferson, a $103 million complex, is located just off I-5.

According to its website, studio apartments range from $2,478 to $2,617.

The largest apartments in the complex with three bedrooms and 2.5 bathrooms range from $5,987 to $6,103.

Those prices are much higher than the typical apartment in Pacific Beach, according to Zillow.

Zillow’s rental map shows prices in Pacific Beach ranging from $1,425 for a studio to more than $4,850 for a three bedroom.

Between those two price points, Zillow shows 152 apartments available for rent.

One rental manager who spoke with 10News says The Jefferson may have a difficult time finding tenants at those prices.

“Tenants, prospective tenants, they're educated. They educate themselves and they do comparative shopping. So if it's too high, you're going to sit empty,” said Jim Vosacek, who runs Western Hills Real Estate Management.

JPI released a statement to 10News:

“Jefferson Pacific Beach is the first multifamily development of its kind in Pacific Beach. While there are currently no other new, luxury developments like this in the area, this development will offer residents a quality, high-end lifestyle that has not previously been available. Before development, the team took a detailed, analytic dive into the surrounding area to ensure accurate determinations regarding cost of living. Although state development restrictions have impacted the cost at Jefferson Pacific Beach, a portion of total units will be reserved for affordable housing.”