Ryan Cos. And Strata Equity Open VAYA On Axia In Chula Vista

• Ryan Cos. and Strata Equity opened a 278-unit multifamily project in Chula Vista
• Development financed with an $85.4 million construction loan from Banc of California
• Property is located within the Millenia master-planned community in Otay Ranch

What The Project Adds To Chula Vista

Ryan Cos. and Strata Equity Group have officially opened VAYA on Axia, a new 278-unit multifamily community in Chula Vista near San Diego.

Located at 1910 Axia Way, the project sits within Millenia. This large-scale master-planned urban district continues to emerge as one of Southern California’s more active mixed-use growth corridors.

The property includes one- to three-bedroom apartments ranging from 616 to 1,416 square feet, targeting a broad renter demographic within the South Bay market.

What Amenities And Features Define The Community

VAYA on Axia includes a modern amenity package centered on both lifestyle and remote-work functionality.

Residents have access to a clubhouse, fitness center, coworking space, and podcast studio features increasingly common in newer multifamily developments aiming to appeal to hybrid workers and content-focused professionals.

The development also incorporates sustainability elements, including EV charging stations and solar infrastructure through rooftop and carport-mounted panels.

What The Master-Planned Community Represents

The project is part of Millenia, a 210-acre mixed-use district developed by Meridian Development.

Once fully built out, Millenia is expected to include approximately 3,000 multifamily units, 2 million square feet of office space, and 1.5 million square feet of retail development.

The broader district sits within Otay Ranch, one of the San Diego region’s largest master-planned communities and a major driver of residential growth in Chula Vista.

What The Financing And Market Conditions Reveal

Construction of the project was financed with an $85.4 million loan from Banc of California.

The opening comes during a period of elevated multifamily supply growth across the San Diego market. According to recent market data, completions in San Diego have outpaced other major California metros over the past year.

That influx of new inventory has softened rent growth, with advertised rents in San Diego showing slight declines even as other California markets stabilize or improve.

What This Means For Ryan Cos. In The Market

VAYA on Axia marks Ryan Cos.’ second multifamily development within Millenia, following the earlier delivery of The Avalyn, a 480-unit project later acquired by Blackstone.

The company has become one of the largest multifamily developers within the master plan, reinforcing its long-term commitment to the Chula Vista and Otay Ranch growth corridor.

As Millenia nears full buildout, future development opportunities inside the community may become more limited, increasing the value of existing projects delivered early in the master plan’s lifecycle.