IHP Capital Partners and Intracorp Homes to Transform 2.9-Acre Arcadia Site into 33 New Single-Family Homes
ARCADIA, Calif. – April 27, 2022 – 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 (JV) to acquire a 2.9-acre parcel in Arcadia, Calif. for the development and construction of Miren, a new residential community consisting of 33 two-story single-family homes on 2,500-square-foot lots. Project development is currently underway, and the community’s grand opening and home sales are anticipated to begin in Q2 2023.
“Arcadia is a well-established and desirable city within the San Gabriel Valley and IHP is excited to partner with Intracorp to bring a fresh new home concept to this city,” said Jeff Enes, senior vice president at IHP Capital Partners. “Centrally located and accessible to excellent schools, employment centers and amenities, Miren will provide residents a new living option, central to all that the valley has to offer. Intracorp specializes in creating luxury homes in urban environments and we look forward to working with their team in bringing another unique and special community to life.”
Miren will feature cottage and contemporary farmhouse architectural styles and will range in size from 1,820 square feet to 2,120 square feet. Each home will include three to four bedrooms, two-and-a-half to four bathrooms, and attached two-car garages. The community will feature a round-about gated entrance and a half-acre open space on its western edge, inclusive of the preservation of an existing, large heritage oak tree. Home pricing is to be announced at a later date.
Miren is located in South Arcadia at 2607 S. Santa Anita Avenue. The site is proximate to the I-10, I-210, and I-605 freeways, providing efficient access to major employment centers including Downtown Los Angeles, which is 20 miles to the west, and the western San Gabriel Valley submarket known as the Tri-cities (Pasadena, Glendale, Burbank) of Los Angeles County.
Surrounded by existing residential use on all sides, Miren will be served by schools within the award-winning Arcadia Unified School District, which is ranked among the top three of the 76 districts within Los Angeles County. Designated schools include Longley Way Elementary (located one mile west), Richard Henry Dana Middle School (located 1.5 miles north), and Arcadia High School (located two miles north).
“Southern California is one of the most supply-constrained housing markets in the U.S. and our team is very pleased to have secured this excellent infill location for Miren’s development,” said Brad Perozzi, president of Intracorp Southern California. “Miren will be coming online as Los Angeles County residents continue to push for more quality new housing. With the support and expertise of IHP Capital Partners, we look forward to breaking ground soon and transforming the underutilized property into a new community of modern and functional single-family homes.”
Miren is the fourth development project between IHP and Intracorp. The two firms are currently underway on Docente at Old School House, a new 95-home community in Claremont, Calif., which will include in its offering a mix of single-family detached residences, two and three-story townhomes and a neighborhood park. IHP and Intracorp are also nearing close out of The Isle at Mariner Shores, a contemporary community in Newport Beach, Calif. offering 36 three-story townhomes.
Celebrating its thirtieth anniversary in 2022, IHP is a strategic partner for developers and homebuilders throughout the western U.S. Including Arcadia 33, 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 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.