IHP Capital Partners and Intracorp Transforming 1.5-Acre Seattle
Infill Site into New Vibrant Townhome Community
Seattle and Newport Beach, Calif. (September 29, 2020) – IHP Capital Partners, one of the nation’s most prominent providers of equity financing for residential real estate development, and Intracorp, a leading North American homebuilder and developer, today announced their joint venture partnership in the acquisition of a 1.5-acre unimproved site for the development of a new urban infill community. Located between the North Beacon Hill and Mount Baker neighborhoods, the yet-to-be-named community will bring 58 townhouses and four live-work units to the Seattle market, where new home supply is in high demand.
“Seattle is a world-class city with a thriving economy and strong workforce, with one of the highest populations of millennials in the U.S.,” said Reneé McDonnell, senior vice president for IHP Capital Partners. “We are pleased to partner with Intracorp, a longstanding leader in Pacific Northwest homebuilding, to bring much-needed new product to this market. These new townhomes are designed to reflect all that the city of Seattle has to offer and appeal to residents looking for an active lifestyle.”
Development is underway and construction is anticipated to begin in Q4 2020. The 62 two- and three-story residences will range from approximately 1,200 to 1,700 square feet and will be offered in five floorplans featuring two to three bedrooms. The majority of the homes are designed with full-floor master suites, and half of the units will have roof decks that offer expansive views of Mt. Rainier to the south and the Seattle city skyline to the north. Townhomes without roof decks will feature large, private upper-floor decks. The layout of the community will include landscaped courtyards with walkways throughout and will provide a large gathering plaza with seating and play areas. IHP and Intracorp plan to offer the first new homes for purchase in mid 2021.
Located between South Plum Street, South Hill Street, and 24th and 25th Avenues South, the new community will comprise nearly an entire city block, making it significantly larger than any other infill project currently under construction in the city.
The North Beacon Hill/Mount Baker area has emerged as one of Seattle’s most desirable places to live in recent years. Located near the I-90 freeway and close to future light rail transportation, this new community will provide convenient access to nearby employment centers. The project is a 10 minute drive from downtown Seattle and is surrounded by highly-rated schools, restaurants and shopping.
“Strong regional employers such as Amazon and Google continue to support Seattle’s population and wage growth. This, coupled with young buyers who are eager to take advantage of historically low mortgage rates, is a key driver to the area’s rising demand for quality new homes,” said Mike Lierman, president, Northwest and Northern California for Intracorp. “Our team is excited to transform this underutilized property into a beautiful modern community in a prime location along with our partners at IHP.”
This community is the second joint venture—and first in Seattle—between Newport Beach-based IHP Capital Partners and Intracorp, which has completed several new-home neighborhoods in Washington over the last 40-plus years. IHP and Intracorp are currently in development on The Isle at Mariner Shores, a high-profile townhome community in Newport Beach, Calif. with 36 residences.
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.
For over 40 years, Intracorp has been dedicated to building extraordinary homes for our homeowners, earning a reputation as one of North America’s leading real estate developers in the process. Every new home begins with a unique vision, drawing inspiration from the local surroundings. Then, building materials and architectural details are carefully considered. The resulting development is more than just structurally-sound – it’s a living, breathing community all its own. From intimate townhome communities to iconic gateway towers, the urban-built environment has been shaped, in part, by Intracorp with a singular goal – to create extraordinary homes and experiences for homeowners. For more information, visit IntracorpHomes.com.
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Media Contact: Mike Hoye—Paolucci Salling & Martin Communication Arts | Public Relations
(310) 346-0845 (mobile) or mhoye@PSMCommArts.com