GLASSELL PARK, Calif. – June 30, 2022 – IHP Capital Partners, a leading real estate investment firm celebrating its thirtieth anniversary in 2022, and Comstock Homes, a Southern California-based homebuilding and development company, have formed a joint venture (JV) to acquire a 1.9-acre parcel in Glassell Park for the development and construction of a new residential community comprised of 37 small lot detached homes. Project development is currently underway and vertical construction is planned to begin in Q1 2023. A grand opening and home sales are anticipated to begin in Q2 2023.

“Glassell Park is a terrific opportunity for IHP to work with the skilled team at Comstock Homes in transforming an under-utilized property in a unique pocket of LA into a well-designed community of contemporary new homes,” said Jeff Enes, senior vice president at IHP Capital Partners. “The Glassell Park project will bring a fresh new living option for residents looking for convenient access to job centers, entertainment and the best of what LA has to offer.”

Glassell Park will offer residents a modern and space efficient urban lifestyle in a community setting. The project site is being elevated and at completion will provide views of neighboring Mount Washington and the surrounding area. Onsite amenities include 20,000 square feet of open space and an outdoor gathering area that includes barbeques and a fire pit.

The three-story homes will feature rooftop decks that cover approximately 75% of the building’s footprint, with some homes providing views of Downtown Los Angeles. Floorplans range in size from 1,650 square feet to 1,740 square feet, and will include 2-3 bedrooms, 2.5 bathrooms and attached two-car garages. Home pricing is to be announced at a later date.

The new community is located at the terminus of Fletcher Drive, offering a private cul-de-sac entrance with moderate privacy in Glassell Park’s hillside terrain. The site’s location offers convenient access to the SR-2, I-5 and I-210 freeways connecting to Downtown Los Angeles, Pasadena and the San Fernando Valley. The property is bordered by existing single-family homes to the west and north.

“The Los Angeles housing market remains in dire need of new supply, and Comstock Homes is excited to partner with IHP in the development and completion of the new Glassell Park homes,” said Nicholas Long, chief financial officer of Comstock Homes. “IHP has been instrumental in finetuning the community’s architecture and layout to enhance the overall appeal, efficiency and functionality. As an experienced builder, Comstock looks forward to uniting our teams’ expertise and skills to deliver a quality new community in Northeast LA.”

Glassell Park is the first development project between IHP and Comstock Homes. IHP is a strategic partner for developers and homebuilders throughout the Western U.S. Including Glassell Park, the company currently has more than 30 residential projects in various stages of development in Colorado, Utah, California, Oregon, Nevada, Washington, Texas and Arizona.

About IHP Capital Partners

IHP Capital Partners was founded in 1992 and celebrates three decades of industry leadership this year as one of the nation’s leading real estate investment firms. The company facilitates a path to success for its investor and development partners by providing equity for residential projects throughout the country, with a focus on the western U.S. A tactical partner and trusted fiduciary, IHP’s track record is built on experience, expertise and long-term sustained partnerships with well-known institutional investors and a wide range of the industry’s most notable builders and developers. For more information, visit www.IHPInc.com. Follow the company on LinkedIn.

About Comstock Homes

At Comstock Homes, innovative and progressive real estate solutions not only set the tone for what’s to come–they also set the standard. Founded in 1979, the family-owned and operated company takes pride in its storied history of entitling and developing a variety of projects that have greatly enhanced the quality of life for their respective communities throughout California. The firm created a residential housing division in 1994 and, since inception, has acquired, entitled, built and sold over 40 residential projects with over 4,000 homes. Currently, the company is in various stages of development on residential projects totaling approximately 2,000 homes throughout California. Comstock has proven itself to be one of the few private California infill developers with the unique ability to overcome substantial project barriers to create exceptional communities. Managed by several of the most talented professionals in the industry, Comstock Homes is built on over 40 years of quality, family tradition and, above all else, integrity and reputation.  For more information, visit www.ComstockCo.com.

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