Mission Ridge Apartments is a 196-unit apartment complex located in Encinitas, CA that was originally built by Urschel Development Corporation in 1985. With the growing economy and demand for luxury housing, Urschel Development Corporation desired to modernize and upgrade their property to be more competitive with other local apartment homes. Due to our work on their Solana Mar Apartments project, Urschel Development Corporation approached Gafcon, Inc. to support the development of the project’s scope, budget, and schedule. Gafcon, Inc. provided consultation and advisement on phasing, which included a property condition assessment (PCA) to evaluate the current condition of the site, the selection of a small sample set of buildings with which to perform initial renovations to provide a model for the owners to determine appropriate interior design and finishes, and ultimately the complete renovation of the remaining property. During the PCA, Gafcon, Inc. assembled a core team of local consultants who understand the local community and market to provide high-quality advising and recommendations on how to proceed with the project. This included working with Alan Nevin of Xpera to perform a market analysis, projecting the rents Urschel Development Corporation could expect to achieve as a result of the renovation—a significant 30% increase in revenue!
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