Sixth joint venture between firms will deliver 49 modern homes, including 10 affordable units, in L.A. County’s supply-constrained housing market

ALHAMBRA, Calif. – April 28, 2025 – IHP Capital Partners, one of the nation’s leading real estate investment firms, and Intracorp Homes, North America’s largest luxury homebuilder, have formed a joint venture to acquire a two-acre infill site in Alhambra, for the development of The Cordova, a new 49-home residential community. The community will feature nine detached homes and 40 townhomes, 10 of which will be affordable units. Site development is underway, with vertical construction expected to begin in September 2025.

The property, located at 801 E. Main Street, previously operated as a car dealership and has since been cleared for redevelopment. Intracorp secured the site in an off-market transaction ahead of the City of Alhambra’s general plan update, which re-zoned the property from commercial to residential. A tentative tract map for the project was approved in the third quarter of 2024.

“The Cordova presents a rare opportunity to deliver new housing in a built-out, high-demand submarket of east Los Angeles County,” said Jeff Enes, Partner at IHP Capital Partners. “Its infill location and compelling backstory align closely with IHP’s core investment strategy, making this a particularly exciting project. The homes will offer buyers a new-construction alternative to the area’s aging resale inventory, much of which dates back nearly a century.”

Designed to meet demand for modern, attainable housing in a historically undersupplied submarket, The Cordova will offer a mix of contemporary floorplans. The single-family detached homes will average 2,122 square feet and include four bedrooms, a rooftop deck, and a spacious top-level bedroom with an adjoining loft. Townhomes will range from approximately 1,374 to 2,277 square feet and include two to four bedrooms, with select plans featuring first-floor bedrooms with ensuite baths. Planned community amenities include a shared community room, 14 guest parking spaces, and a central outdoor gathering area with a BBQ.

The Cordova is located in the heart of the San Gabriel Valley, approximately eight miles northeast of downtown Los Angeles and four miles southeast of Pasadena. Residents will benefit from convenient access to major transportation corridors, including Interstates 10, 710, and 210, and a walkable urban environment along Alhambra’s Main Street corridor, which features restaurants, shopping, and entertainment. The project is within the Alhambra Unified School District, one of the region’s more highly ranked districts.

“Southern California continues to face a severe housing shortage, and we’re proud to partner again with IHP Capital Partners on another well-located infill community,” said Brad Perozzi, President of Intracorp Southern California. “The Cordova will transform a long-vacant property into a thoughtfully designed neighborhood with lasting value.”

The Cordova marks the sixth partnership between IHP and Intracorp. The two firms recently sold out Docente at Old School House, a 95-home community in Claremont, and completed Miren, a luxury single-family home project in Arcadia.

“Intracorp continues to demonstrate a high level of execution and market knowledge,” said Chris Bley, Co-President at IHP Capital Partners. “With no other new home developments currently active in Alhambra and limited new competition nearby, The Cordova is well positioned to meet market demand.”

WHA Architects is leading site planning and design. The homes will reflect a Spanish Colonial architectural style and feature high-quality interior finishes, similar to those showcased in the Miren community.

Including The Cordova, IHP Capital Partners has more than 15 residential communities in various stages of development across Arizona, California, Colorado, Texas, and Utah. The company partners with regionally focused, best-in-class builders to invest in well-located, high-demand housing markets throughout the Western U.S., and is actively pursuing new opportunities for development.

About IHP Capital Partners

IHP Capital Partners was founded in 1992 and celebrates more than three decades of industry leadership 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 Intracorp Homes

Developing communities in five urban regions in North America, Intracorp has established itself as a real estate developer that delivers extraordinary experiences to homeowners. As one of North America’s largest developers of multifamily homes, Intracorp has delivered more than 22,000 homes in 176 communities. The company grew out of founder Joe Houssian’s first business venture, Intrawest, which was founded in 1976. It began as an urban residential real estate business and transformed into an internationally renowned resort and real estate development company credited with the success of several preeminent ski resorts such as Whistler Blackcomb. Intracorp currently develops outstanding communities in British Columbia, Ontario, Washington State, California and Texas. For more information, please visit www.intracorphomes.com.

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