FLATS Hillcrest

FLATS Hillcrest is a 301 unit mixed-use development currently under construction in Uptown San Diego. Along the edge where Hillcrest eases into Bankers Hill, FLATS spans six parcels at 3704–3744 Fourth Avenue, and clears out a patchwork of one- and two-story structures to make room for a much denser modern multifamily project. The corridor sits within walking distance of Hillcrest’s busy restaurant scene, Scripps and UC San Diego Health campuses, neighborhood grocery stores, and multiple bus routes that connect downtown, Mission Valley, and the broader urban core. It’s the kind of central, highly walkable pocket that has increasingly become a target for higher-density housing.

The development is a joint venture between Cedar Street Companies, a vertically integrated real estate development platform, and Quartz Lake Capital, a private equity real estate investment manager. FLATS Hillcrest marks the first of three multifamily projects planned by the partnership — communicating their long-term bet on the San Diego infill housing market.

When complete, the project 301 units will lean heavily toward smaller urban layouts, reflecting the demand for centrally located housing close to jobs, healthcare, and transit. Plans include 106 studios, 152 one-bedroom apartments, and 43 two-bedroom units. Each unit is designed with modern living in mind, featuring in-unit laundry, private balconies, updated appliances, smart-home systems, and keyless entry.

Amenities are built around health, work, and shared space — a growing trend in new multifamily developments. Residents will have access to a large fitness center, spa-style wellness facilities with saunas and water circuits, coworking lounges, and a sunset deck overlooking the surrounding neighborhood. Below it all, parking is provided for 298 vehicles, keeping most of the project’s density tucked off the street.

Beyond the market-rate units, roughly 10 percent of the apartments will be deed-restricted as affordable housing, adding a modest but meaningful contribution to the city’s housing mix. As construction continues, FLATS Hillcrest represents another step in the steady transformation of Fourth Avenue — shifting from aging low-rise properties toward denser urban housing aimed at meeting both neighborhood demand and the region’s broader housing pressures.