River Colony is located in one of San Diego’s premier shopping, hotel, entertainment and
dining areas on nearly nine and one-half acres on the northwest corner of Camino De La Reina
and Qualcomm Way adjacent to the south bank of the San Diego River. With prices ranging
from the low- to mid- $200,000s, sales are expected to commence this spring. The development
provides 261 two bedroom, two bath homes ranging from 977 to 1,025 square feet and 39 one
bedroom, one bath homes ranging from 712 to 739 square feet.
During the conversion, several million dollars in improvements will be made to the
property, first built in 1991 by Mission Colony Partners, an affiliate of Pacific Scene, Inc.
Improvements will commence in phases, beginning with the first of six 3-story buildings, and
include new GE appliances and tile counters in the kitchens, as well as new carpet, paint and
window coverings. Other amenities included in these floor plans are washer/dryers, wood-
burning fireplaces, central air conditioning, security alarms, and bay windows. Community
grounds will feature a new recreation/fitness center as well as multiple fountains and courtyards
with walking, jogging and biking trails connecting San Diego’s River Walk.
In 2001, Hearthstone provided nearly three-quarters of a billion dollars in financial
commitments to the homebuilding industry, funding 21 single-family home projects with 16
builders in seven states representing 3,024 homes.
Celebrating its 10th anniversary in 2002, Hearthstone is the nation’s largest institutional
investor of residential developments with nearly $6 billion committed to the homebuilding
industry, representing nearly half of the $14 billion market associated with the funding of
builders and developers in the United States. Hearthstone is presently funding more than 90
projects in 20 states throughout the nation. The firm represents a substantial and secure source
of investment capital from public and private pension plans, university endowments, Fortune 100
companies and large private trusts.