Multi-Family Home Builder Has Beaten All Expectations

SAN DIEGO--(BUSINESS WIRE)--Jul 26, 2024--

A multi-family development platform that launched less than 4 years ago with little more than a single lot and a vision for urban infill development in San Diego has beaten all expectations. Atlas West Group has become one of the largest and most influential multi-family builders in San Diego.

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San Diego Mayor Todd Gloria touring a new Atlas West community | Photo credit: Office of Mayor Todd Gloria.

“I’m really excited about what I’m seeing here, because what I see is opportunity,” San Diego Mayor Todd Gloria said while touring a new Atlas West community with CEO Daniel Shkolnik. “Opportunity for more folks to be able to live in our city at a price they can afford … This gives people hope, a real sense that change is coming, and that there is a future for them here in this city.”

• Atlas West, or AWG, has 22 projects in various stages of development and a portfolio of more than $90 million in San Diego.

• Roughly 40% of AWG units are designated affordable for working families in order to satisfy the significant demand for middle-income housing in San Diego.

• Sometime next month, AWG will surpass 170 units, and the company is on track to break $100 million in development in 2024.

You will find Atlas West communities in the College Area, Clairemont, Serra Mesa, Mira Mesa, Linda Vista, near Imperial Beach, and elsewhere. Several new projects are in the pipeline. AWG units range in size from 400 square feet to 1,000 square feet. They are modern and comfortable, breathing new life into distressed properties.

An innovative company, Atlas West is one of the first home builders to build deed-restricted units without public subsidy in Southern California, and the first to take advantage of the City of San Diego’s ADU Bonus Program, approved in 2020. The company’s first development was completed three years ago: a modern six-unit complex on 49th Street in Talmadge. Today, Atlas West’s work is routinely held up as a model, paving the way for other developers to create homes that San Diegans can afford.

AWG owns, operates, and manages all of its properties.

“We’re in for the long run,” Atlas West CEO Daniel Shkolnik said. “We’re building a small number of high-quality homes for people who need them. We’re not changing the world, but we like to think we’re doing our part to help create a better San Diego for all of us.”

San Diego’s housing crisis, and the impact it has on working families, created the spark for Atlas West Group.

“We’re focused on urban infill, workforce housing, and transforming underutilized lots,” Shkolnik said. “We’re building affordable homes for the people who make up the fabric of San Diego — nurses, teachers, military personnel, first-responders, tradesmen, and others.”

ABOUT: Atlas West Group is a privately held full-service development and investment firm operating throughout San Diego County. The company is a premier provider of urban-infill housing and specializes in transforming underutilized properties into vibrant multi-family communities. Atlas West utilizes innovative permitting programs and creative construction strategies to bring out-of-the-box solutions to the region’s housing shortage and affordability crisis. The Atlas West team brings decades of experience to real estate development projects, giving the firm the network, reach, and insights needed to navigate complex situations and deliver results.

View source version on businesswire.com:https://www.businesswire.com/news/home/20240726094807/en/

CONTACT: Media Contact:

Tony Manolatos

tony@manolatospa.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PUBLIC POLICY/GOVERNMENT STATE/LOCAL OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY URBAN PLANNING

SOURCE: Atlas West Group

PUB: 07/26/2024 01:00 PM/DISC: 07/26/2024 01:00 PM

http://www.businesswire.com/news/home/20240726094807/en