Pepper Tree – Vista Qualified Opportunity Fund I
Managed by Tideline Partners · Mixed-use, Multifamily, Ground-up development · Opportunity Zones in California
Single-asset Qualified Opportunity Fund managed by Tideline Partners, developing Pepper Tree at 270 S. Santa Fe Ave, Vista, CA 92084 (San Diego MSA), in Opportunity Zone tract 06073019503: 109 apartments plus 3,100 SF of ground-floor commercial on 1.2 acres. Fund size up to $25 million; $100,000 minimum; accredited investors only. The sponsor projects a 14–18% IRR to investors after tax (projected, not guaranteed). Hold: until the project is sold, anticipated 10 years.
Overview
Pepper Tree is a single-project Opportunity Zone fund from Tideline Partners, a San Diego infill developer. It's building a 109-unit mixed-use apartment building with ground-floor restaurant and retail on a 1.2-acre corner in Vista's historic downtown, in North County San Diego. The same family has owned the land for about 70 years, and it came to Tideline off-market through a relationship going back a decade. The current tenant, the Pepper Tree Frosty burger and shake stand, is set to return in a new built-to-suit space as the anchor retail tenant.
The plan rests on three things. The density is allowed by-right under the Downtown Vista Specific Plan, which the sponsor says limits entitlement risk. Tideline has a track record a few blocks away: Found Lofts, a 42-unit OZ project completed in 2022. And North County has tight rental supply. Investors put capital gains into a single, identifiable asset instead of a blind pool. The trade-off is concentration in one building and one construction schedule.
At a glance
Targets are sponsor-stated and not guaranteed.
Geographic focus
270 S. Santa Fe Ave, Vista, CA 92084 (San Diego MSA) · Opportunity Zone census tract 06073019503 · 1.2 acres in Vista's Historic Downtown District.
The project
From the sponsor's offering memorandum.
| Address | 270 S. Santa Fe Ave, Vista, CA 92084 (San Diego MSA) |
|---|---|
| Parcels (APNs) | 175-303-01, -02, -08, -09, -10 |
| Site | 52,141 SF (1.2 acres), on Paseo Santa Fe Ave in the Historic Downtown District |
| Zoning | Downtown Vista Specific Plan, Historic Downtown District |
| Opportunity Zone | Census tract 06073019503 |
| Program | 109 residential units (projected, by-right density) + 3,100 SF commercial |
| Construction | 3–5 stories, Type VA wood frame over slab-on-grade and Type IA podium |
| Parking | 1:1 for residential units, no subterranean |
| Ground floor | Restaurant, patio and micro-retail; new built-to-suit Pepper Tree Frosty as anchor tenant |
| Amenities | Gym with cold plunge and infrared sauna; rooftop deck with westerly sunset views; smart-home tech; in-unit W/D; secured access; covered/uncovered parking |
| Design goals | Wellness and sustainability; connect to the proposed Buena Vista Creek trail |
| Trail | Across the street from the Inland Rail Trail (Class 1 protected bike path, Escondido ↔ Oceanside); the sponsor says the Vista–Escondido segments will be done by opening |
Project team: Richard & Richard (GC; also built Found Lofts) · OFFICEUNTITLED (architect) · PLSA (civil) · B&G Consultants (owner's rep) · Polsinelli and Seltzer Caplan McMahon Vitek (legal) · Considine & Considine (accounting).
Unit types and projected rents
Average size and projected rent per type (sponsor projections; the memo gives no unit count per type). Rents sit mid-comp-set by design.
| Type | Avg size | Projected rent | Comp-set average |
|---|---|---|---|
| Studio | 480 SF | $2,400/mo | 535 SF, $2,360 |
| 1 bedroom | 793 SF | $2,890/mo | 750 SF, $2,808 |
| 2 bedroom | 1,064 SF | $3,400/mo | 1,085 SF, $3,401 |
Capital stack
Sources & uses from the memo. Budget is preliminary; costs may vary.
| Amount | % | |
|---|---|---|
| Equity: pre-development | $4,426,459 | 22% of equity |
| Equity: construction | $15,725,997 | 78% of equity |
| Total equity | $20,152,456 | 40% |
| Construction loan | $30,228,684 | 60% |
| Total project cost | $50,381,140 | 100% (~$450k/unit, net of commercial) |
Uses: acquisition $3,200,645 (6%) · soft $6,620,738 (13%) · hard $32,195,135 (64%) · permits & fees $3,034,469 (6%) · financing $3,409,332 (7%) · contingency $1,920,822 (4%). Construction loan ~60% of cost (max 65% LTC per terms).
Terms
| Focus | Multifamily QOZ in San Diego MSA (tract 06073019503) |
|---|---|
| Fund size | Up to $25 million |
| Minimum investment | $100,000 |
| Suitability | Accredited investors only (Rule 501, Reg D) |
| Fund term / exit | Until disposition of the project; anticipated 10-year hold |
| Target return | 14–18% IRR to investor after tax (projected, not guaranteed) |
| Leverage | Max 65% LTC construction; 70% on refi perm loan |
| Preferred return | 10%/yr on the first $5M of invested capital; 8% on capital above that |
| Carried interest | 20% of proceeds above the preferred return |
| Fees | Development management: one-time 4.0% of project cost, paid during development, 50% deferred until construction is complete · Fund management: 1%/yr · Sponsor may also provide property management at market rate |
| Distributions | Per sponsor model; see PPM |
| Vehicle | Vista Qualified Opportunity Fund 1 LLC (Delaware), investing in Vista Pepper Tree Owner LLC; manager of both is Tideline Partners LLC |
| Capital calls | Contractual; failure to fund can dilute your interest |
Returns are projected, not guaranteed. See the sponsor's PPM for fee and risk details.
Projected returns (sponsor projections)
- After-tax: 14–18% IRR target. The sponsor's example case is 16.4% after-tax IRR and a ~2.6x equity multiple (sponsor projection).
- Before-tax: 15.4% IRR, 2.57x multiple, 10.6% average cash-on-cash.
These are the sponsor's projections, not guarantees. Because the after-tax target already reflects tax treatment, we don't run it through our return calculator.
Market: Vista and North County San Diego
Sponsor-cited market points from the memo.
- Downtown Vista: walkable streets with restaurants, breweries, cafés and entertainment; a short walk to a grocery store and the Vista Transit Center.
- On the SR-78 corridor, close to major job centers; ~15 minutes to the beach and ~5 minutes to retail centers.
- Vista had the fastest population growth in San Diego County in 2021–22 (California Department of Finance).
- ~$100M of public investment in the Opportunity Zone area.
- Vista apartments: 3.5% average vacancy and 18% rent growth since 2020 (CBRE 2023); 45% renters (CoStar 2024).
- Regional drivers: ~61,000 college students (MiraCosta, Palomar, CSU San Marcos); ~5,300 hospital employees (Scripps Encinitas, Tri-City, Palomar, Kaiser Carlsbad); ~58,400 off-base military personnel and family tied to Camp Pendleton (est. $6.1B regional impact).
- San Diego metro: $99k median income, 3.2M+ population, $261.7B GRP, 1.6M jobs.
- Lifestyle: "craft beer capital of San Diego", 20+ breweries, Moonlight Amphitheater, public art.
Properties & pipeline
Renderings of Pepper Tree, the existing site, and Tideline's completed Found Lofts nearby (not Pepper Tree).
Investor timeline
Sponsor
Tideline Partners . Southern California housing developer founded in 2013 and headquartered in San Diego, focused on high-barrier infill multifamily with in-house capital markets, development and management. Completed projects in downtown Vista include Dog Haus (retail), 150 Broadway (office) and Found Lofts (multifamily). Sponsor-stated: the "largest private stakeholder in the Project market" and the "leading Opportunity Zone developer in San Diego Metro."
Prior funds: Found Lofts (2022, Completed; Tideline still owns and manages it — 5-story, 42-unit OZ project in downtown Vista, one of the first OZ deals in San Diego County. Sponsor states it was completed on schedule and under budget with a 65% LTC Torrey Pines Bank loan, fully leased in 3.5 months at rents 15% above underwriting, then ~3.5%/yr rent growth. Won the CBIA Golden Award (Honors) and the San Diego Architectural Foundation Orchid Award.).
Leadership team
The people responsible for acquiring and managing the fund's assets.
Board of Advisors: Ron Silverman (Partner, Cox Castle) · Leanne Lachman (President, Lachman Assocs.) · Kev Zoryan (Managing Director, Morgan Stanley) · Alex Rose (EVP, Continental Development Corp.) · Wayne Ratkovich (Founder, The Ratkovich Company; in memoriam).
Offering materials
Sponsor-supplied documents. Review the full deck before investing; figures are sponsor-stated and not guaranteed.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Entitlement cost and schedule (sponsor mitigant: by-right density).
- OZ compliance (sponsor uses QOZ counsel; land lease effective 12/14/23).
- The land contribution is conditional on equity/debt commitments and permits.
- Debt cost and availability (budget at 60% LTC; refi sized to 1.25x DSCR).
- Construction cost and schedule.
- Illiquid; there is no market for fund interests. Capital calls are contractual, and failure to fund can dilute your interest.
- Leverage; tax benefits may not be realized; projections are speculative.
- Single-sponsor execution risk. Outcomes depend on Tideline Partners's acquisition and management. Past performance does not guarantee future results.
Target return
Sponsor states an after-tax IRR target. The interactive calculator is hidden for this fund so OZ tax benefits are not double-counted.
Frequently asked questions
What is Pepper Tree – Vista Qualified Opportunity Fund I?
A single-asset Qualified Opportunity Fund managed by Tideline Partners. It's developing a 109-unit mixed-use apartment building with 3,100 SF of ground-floor commercial at 270 S. Santa Fe Ave in downtown Vista, CA (San Diego County), inside Opportunity Zone tract 06073019503.
What is the minimum investment, and who can invest?
$100,000, and the offering is only for accredited investors as defined in Regulation D Rule 501.
What returns does the sponsor project?
Tideline targets a 14–18% after-tax IRR to investors, and its example case shows about 16.4% after tax. These are the sponsor's projections, not guarantees, and actual results may differ significantly.
How long is the hold?
Until the project is sold, which the sponsor expects to be about 10 years. Holding a QOF investment for at least 10 years is what allows the OZ exclusion of gains on the investment.
When will it be built?
The sponsor's schedule calls for entitlements in 1Q 2026, construction from 4Q 2026 to 3Q 2028, and stabilization and refinance in 2Q 2029.
Who is the sponsor?
Tideline Partners, a San Diego–based infill housing developer founded in 2013. It previously completed Found Lofts, a 42-unit Opportunity Zone apartment project a few blocks away in downtown Vista.
Projections are the sponsor's and are not guaranteed. This offering is for accredited investors only. Nothing on this page is an offer to sell or a solicitation to buy any security. Figures are from Tideline Partners' offering memorandum (2026); review the sponsor's offering documents and consult your own tax and legal advisors. OpportunityZoneInvest.com is not a broker-dealer or investment adviser and doesn't process investments.
SEC Form D filings
Source: SEC Form D filings (latest D filed 2026-03-23). Not an offer to sell securities.
About this profile
This profile is claimed by Tideline Partners, the fund sponsor. Figures come from the fund's SEC Form D filings and the sponsor's website; verify against the sponsor's official offering documents before investing.
OpportunityZoneInvest.com is an independent publication and is not a broker-dealer, placement agent, or investment adviser. Nothing here is an offer to sell or a solicitation to buy any security, or investment, legal, or tax advice. Consult the sponsor's offering documents and your own qualified advisors. Links to the sponsor's investor portal route off-site; OZI does not process investments.