OCEANSIDE — Crews have begun construction on a new 111-unit, all-affordable housing project in the Mira Costa neighborhood along South El Camino Real.
Located at 2136 South El Camino Real, the project will feature a single, four-story building with 56 two-bedroom and 55 three-bedroom garden-style apartments, which are typically characterized as lower-rise projects with a focus on outdoor and green space access.
Project developers include MirKa Investments, LLC; Mission Neighborhood Centers, Inc.; and WNC & Associates, which recently announced the start of the project’s construction.
MirKa is also behind the 43-unit, 100% affordable South River Village homes at 4933 North River Road in Oceanside.
Kursat Misirlioglu, founder of California-based MirKa Investments, stated the project “exemplifies our commitment to creating quality housing that serves as a launchpad for families to thrive and prosper.”
As a 100% affordable housing project, the majority of the units will be reserved for households earning between 30% and 80% of the area median income, with eight set aside for Section 8 vouchers, according to developers. One of the two-bedroom apartments will be reserved as an unrestricted manager’s unit.
Common amenities for the project include a courtyard, on-site management, central laundry on the first floor and a playground. Each unit will have ceiling fans, a dishwasher, garbage disposal, microwave, oven, refrigerator, vinyl plank flooring, window blinds and wall-mounted air conditioning.
The building will also feature security measures that include controlled-access entry and well-lit common areas to enhance resident safety. Elevator access and on-site parking also will be available.
Last year, Oceanside City Council approved $6 million from city coffers and 50 project-based vouchers contingent on the project securing most of its funding through state tax credits and bonds.
Previously anticipated to cost $56 million, the project now has a $60.7 million price tag, financed through a combination of 4% Low-Income Housing Tax Credits and tax-exempt bonds. Each unit costs approximately $273,601 to build.
WNC, which specializes in tax credit syndication, affordable housing and equity fund investments, will contribute $16.8 million in federal tax credit equity for the project.
“By creating high-quality, affordable homes for working families, this development supports local job growth, stimulates neighborhood revitalization, and contributes to the long-term economic vitality of the Mira Costa community,” said Anil Advani, Executive Vice President of Originations and Finance at WNC, in the construction announcement.
KeyBank will serve as the construction and permanent lender by providing a $48 million construction loan that will convert to a $27 million permanent loan. Monarch Private Capital, the state tax credit investor, will contribute $12.9 million in equity.
“We’re honored to partner with WNC, KeyBank and others to contribute to Oceanside’s growth by providing homes where working families can build stability and brighter futures in this vibrant community,” Misirlioglu said.
Construction is expected to be completed in 2027.
