Ocean Pacific Companies is bringing vacation ownership to the Southern Californian beachfront with the summer launch of The Residence Club on Mission Beach in San Diego.

A popular tourist destination, the local property market has experienced rising prices in recent years and Ken Cornell, principal of Ocean Pacific Companies, says the company identified a clear need to introduce an ownership model for Mission Beach that appeals to second homeowners in any economic climate: “Having conducted extensive research, the shared ownership concept really stood out as something frequent visitors to Mission Beach would be drawn to. We’re offering owners the unique opportunity to own a luxury beach residence at a fractional price, without the hassles normally associated with whole ownership properties.”

Steve Dering, principal of private residence club specialist DCP International (which has been engaged to manage the resort) also highlights local property prices as a key strength for a shared ownership offering: “This particular residence club offers exceptional value to Mission Beach enthusiasts. If we had introduced this property two years ago, it would have been double the price.”

Two residence types are offered (Beach Tier and Top Tier), with ownership available in one-eighth shares – $265,000 for Beach Tier (1,081 square-feet) and $325,000 for Top Tier (1,227 square-feet).

The Club has also joined The Elite Alliance, offering owners the opportunity to exchange planned vacations at selected residence clubs.