IHP Capital Partners and Fieldstone Homes Acquire 63 Large Single-Family Lots Near Utah’s Burgeoning Silicon Slopes
SALT LAKE CITY (February 28, 2022) – IHP Capital Partners, one of the nation’s leading real estate investment firms, and Fieldstone Homes, a nationally recognized homebuilder in Salt Lake City, today announced their joint venture (JV) in the acquisition of 63 large single-family lots in Saratoga Springs, Utah, for the development of a new community named Alpine Springs that will bring a mix of modern new one- and two-story homes of varying sizes and floorplans to the Wasatch Front.
Ground-breaking at Alpine Springs is scheduled for Q1 2022 with presales beginning in Q2 2022. Model homes and a grand opening are expected in Q4 2022 and project completion is anticipated in 2024. The JV acquired the community’s 21-acre project site from Alpine School District. Terms of the transaction are not disclosed.
“Alpine Springs is a spectacular new home development in an ‘A’ location near the Silicon Slopes, surrounded by schools, employment, amenities and ample opportunities for outdoor recreation, and IHP is pleased to partner with Fieldstone on another project that will bring much-needed quality new homes to the Salt Lake City region,” said Reneé McDonnell, managing director at IHP Capital Partners. “Large-lot infill communities are uncommon, and consistent with Fieldstone’s bold approach to residential development, their team recognized this unique opportunity to secure the lots and build well-designed homes full of modern features and customizable options that will appeal to millennials and families looking for a spacious, family-centric living experience.”
The Alpine Springs lots range in size from 9,000 square feet to 17,700 square feet with an average size of 10,500 square feet. The community will offer six unique floorplans that include two rambler and four two-story layouts ranging in size above grade from 1,700 square feet to 2,750 square feet. The homes will include three or four bedrooms and 2.5 bathrooms and an unfinished basement, with several options to add customized features such as two-story great rooms, multiple family rooms, an additional bathroom, covered porches, accessory dwelling units (ADUs) and fully finished basements. Pricing for the homes is yet to be released.
“Saratoga Springs ranks as one of the safest cities in Utah. It offers beautiful views and picturesque open spaces along Utah Lake, making it a top destination for both locals and the many new residents moving in from out of state,” said Jason Harris, vice president of land acquisitions at Fieldstone Homes. “Salt Lake City’s regional housing supply is still far below where it needs to be to meet the demand of the expanding local population. Fieldstone is leaning into its experience and expertise in this market, and with the support of IHP’s partnership, we’re bringing three of our proven buyer-favorite floorplans and incorporating three new home designs to Alpine Springs.”
Alpine Springs is located northeast of Foothill Boulevard and Pony Express Parkway. It is within walking distance to elementary, middle, and high schools, including a charter school, in addition to two parks, Triton Park and Neptune Park.
Approximately 35 miles, or 40 minutes driving, south of Salt Lake City, Saratoga Springs is a rapidly growing city in northern Utah County on the west side of Utah Lake. From Alpine Springs, there are sightlines of Lake Mountain to the south and Mount Timpanogos to the east. The area offers miles of trails for hiking, running and biking, and is proximate to off-roading and mountain biking opportunities, as well as boating, fishing and other water sport activities at the Saratoga Springs Marina.
Alpine Springs is the seventh new community Fieldstone and IHP are building together since 2020. IHP is a strategic partner for developers and homebuilders throughout the Western U.S. The company currently has more than 30 residential projects in various stages of development in Utah, California, Colorado, Oregon, Nevada, Washington, Texas and Arizona.
About IHP Capital Partners
Founded in 1992, IHP Capital Partners is 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 for nearly 30 years, 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 IHPInc.com.
About Fieldstone Homes
Fieldstone Homes is a nationally recognized homebuilder that has been seen on the prestigious Inc. 5000 list. As one of Utah’s most highly ranked and trusted homebuilders for more than 20 years, Fieldstone Homes takes a bold approach to building communities and homes that stand out in quality, design and value. The company is a known leader in setting new trends in home design, creating unique and irresistible model homes and providing an unsurpassed customer experience. With nearly 6,000 Utah residences constructed, Fieldstone Homes leverages its strong knowledge and understanding of the regional market to deliver top-quality homes that meet the needs of today’s homebuyers. Thinking bold to create beautiful, one-of-a-kind communities is the essence of Fieldstone Homes. For more information, visit FieldstoneHomes.com.
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