Oxford Terrace: Preserving 132 Affordable Homes in South County San Diego

A historic textile mill in West Greenville is being transformed into a comprehensive domestic violence recovery campus—expanding shelter capacity, adding affordable housing, and creating a long-term support system for women and children rebuilding their lives.

A Market Under Pressure

In South County San Diego—one of the most expensive housing markets in the United States—affordable housing rarely has a guarantee of permanence.

So when Oxford Terrace, a 132-unit LIHTC community in Chula Vista, came to market, it represented more than a transaction. It represented continuity for families who depend on stable rents in a rapidly evolving region shaped by military presence, logistics growth, and large-scale redevelopment.

Built in 1972 and serving a mix of one, two, and three-bedroom households, the gated community sits within walking distance of schools, retail, and essential services—making it a critical housing resource for working families and military households across South County.

After a 13-month process, the property sold for $19.2 million, but the real story wasn’t the sale—it was what was preserved.

A Shared Mission

The seller, Alpha Project, a nonprofit organization, had a clear mission: ensure Oxford Terrace would remain within the affordable housing ecosystem.

On the other side, the buyer—a subsidiary of Foster Hamilton—shared that vision.

Graeme Henderson of Marcus & Millichap’s San Diego Del Mar office helped bring both parties together in a process that prioritized long-term community stability over short-term repositioning.

“This deal showed that collaboration between brokers and affordable housing entities can directly protect housing stock in one of the country’s most expensive regions, while serving a large military community.”

The Long Road to Preservation

While both buyer and seller were aligned in mission, the complexity came from process—not conflict between parties.

The transaction required extended coordination around HUD approvals and loan and bond assumptions, which stretched the timeline to more than a year.

Through it all, both sides remained committed to the same outcome: ensuring the property would continue serving its residents without disruption.

Where Alignment Changed Everything

Eventually, alignment across stakeholders—including HUD and financing partners—allowed the transaction to move forward.

The breakthrough wasn’t a single dramatic moment, but sustained coordination and shared intent between nonprofit and institutional partners.

That alignment ensured the property would not only remain affordable, but would also be positioned for long-term stewardship under new ownership..

What Was Protected

For the 132 households at Oxford Terrace—many of whom are military families and essential workers—the impact is stability.

Beyond stability, the new ownership has committed to capital improvements that will enhance both interior units and common areas, improving day-to-day living conditions while maintaining affordability protections.

Planned upgrades will elevate interior livability, shared community spaces, and long-term property quality.

In a region where redevelopment pressures continue to reshape neighborhoods, Oxford Terrace stands as a rare example of preservation paired with reinvestment.

Why Deals Like This Matter

For Graeme Henderson, the transaction reinforced a broader truth about affordable housing preservation:

In high-cost markets like San Diego, where military communities and working families are increasingly priced out, collaboration is not optional—it is essential.

Deals like Oxford Terrace demonstrate that when brokers, nonprofit sellers, and mission-aligned buyers work together, affordable housing does not have to be temporary—it can be sustained and improved over time.

Lasting Impact

• 132-unit LIHTC community preserved in South County San Diego
• Long-term affordability extended under new ownership structure
• HUD-regulated housing stability maintained for military & working families
• Capital improvements planned for interiors and shared community spaces
• Preservation of affordable housing stock in a high-cost metro region
• Example of nonprofit + investor + brokerage collaboration in housing preservation

The Real Leaders of Real Estate Behind the Deal

Marcus & Millichap (NYSE: MMI) represented the transaction, a national commercial real estate brokerage specializing in investment sales, financing, research, and advisory services.

Oxford Terrace is located at 555 Oxford Street in Chula Vista, California, and is one of the most significant affordable multifamily assets to trade in San Diego County in recent years.

Stories like this are exactly why the Real Leaders of Real Estate awards were created.

Have you worked on a commercial real estate deal in the last 36 months that created meaningful public benefit? Apply to be recognized as a leader in 2026 in your region and nationally. Submit your deal today.

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