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Carlsbad, Imperial Beach Apartments Being Renovated With ‘Hipsters’ in Mind

A North Park real estate investment and management company is redeveloping beachy apartment complexes in Carlsbad and Imperial Beach with an eye toward a “hipster” market.

F&F Properties, based in Normal Heights, is redoing the apartments to appeal to a demographic sometimes referred to as millennials who look for what F&F CEO Dan Feder described as the hipster lifestyle.

“They like to enjoy things, quality stuff,” Feder said. “They reject the big brands, the big names. They like a more customized, boutique feel in how they dress, what they eat, where they eat.”

The Complexes

The Hideaway at 3380 Harding St. in Carlsbad has what Feder described as 35 one-bedroom “cottage-style” apartments with plans to add two granny flats, also known as accessory living units.

Sunnyside in Imperial Beach has 16 two-bedroom apartments in what Feder said had been a “run down complex” just footsteps from the surf with plans to add a granny flat.

“We are long-term investors,” Feder said. “We are the classic value-add investor where we go in and make a significant investment in our projects.”

The company has about 50 projects throughout San Diego County, most of which are multi-family, Feder said.

Carlsbad

F&F Properties bought The Hideaway – formerly Harding Gardens – in April 2019 for $9.3 million. Feder said his company is spending about $2.3 million renovating it.

“We rebuilt the units, just made them super open as much as we could, made them as comfortable as we could,” Feder said. “We’re basically bringing the thing back to life, giving it a beachy feel.”

Pretty much everything within the apartments has been replaced and redone. That included adding new flooring and carpeting, new appliances, new cabinets and new bathrooms

“There were a couple of units, we had to go down to the studs,” Feder said.

The renovation also included adding outdoor decks and a dog run.

The apartments are about 620 square feet and monthly rents range from $1,795 to $2,195.

“It’s a very cool, chic property,” Feder said. “It’s great for people with pets, for people with dogs, kids, great for people who want to skate, surf – it’s got a little of everything.”

The complex is across the street from a park and within walking distance to the shore and Carlsbad Village.

“It’s one of those locations where it’s almost like a work-live type of environment,” Feder said. “It’s very much of a hipster neighborhood, very much of a hipster community.”

Feder said the Hideaway would most likely attract “basically people who are working in the high-tech industry.”

Sunnyside

F&F bought the Sunnyside – formerly Littlenel Apartments – at 812 12th St. in Imperial Beach in September 2019 for a little more than $3.8 million and is spending more than $1 million renovating.

“It’s super close to the beach,” Feder said.

He said his company owns another apartment complex nearby.

“We believe in the Imperial Beach story,” Feder said.

The 16 apartments in Sunnyside had 1 ½ bathrooms each, but the renovation including providing each apartment with two full bathrooms and washer/dryers.

Monthly rents range from $2,195 to $2,395.

The COVID-19 pandemic has presented some challenges for his company, Feder said.

Among other things, it’s taking longer to lease apartments than in the past.

“Generally, we’ve done OK, we’ve done fine,” Feder said. “The part that is very challenging is that we’re doing virtual tours, trying to get people to move in.”

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