IHP Capital Partners and KB Home Break Ground on New 20-Acre, Mixed-Use Development in Carlsbad, California
CARLSBAD, Calif. – July 21, 2022 – IHP Capital Partners, a leading real estate investment firm celebrating its 30th year in 2022, and KB Home (NYSE: KBH), one of the largest and most recognized homebuilders in the U.S., today announced the acquisition and groundbreaking of Marja Acres, a new 20-acre, mixed-use community in Carlsbad, Calif. that will include 248 three-story townhomes, 10,000 square feet of commercial space and 46 affordable apartments for adults 55 years of age and over. Located on the site of a former nursery, the infill community will pay homage to the property’s agricultural history through its name and urban farm aesthetic and provide a variety of modern new living options for multiple generations of Carlsbad residents, along with a daycare, 2,000 square feet of restaurant space, parks, community center and other on-site amenities.
IHP and KB Home are developing the Marja Acres project together, completing the site’s infrastructure and constructing the 248 townhomes. Upon the overall community’s final map approval, the 46 affordable apartments will be conveyed to and completed by USA Properties.
Site grading for the townhomes is currently underway. Model home construction is planned to start in the fourth quarter of this year, with home sales anticipated to open in 2023. Home pricing will be competitive with the surrounding existing for-sale housing and be released at a later date.
“Marja Acres will be a unique, mixed-use community reflective of Carlsbad and the surrounding area’s local character,” said Jeff Enes, senior vice president at IHP Capital Partners. “Carlsbad is one of Southern California’s most desirable beachside cities, known for its exceptional coastal lifestyle, strong employment centers, excellent schools and beautiful beaches. IHP is extremely pleased to partner with KB Home’s experienced team in completing Marja Acres and delivering a new supply of quality homes for the residents of North San Diego County.”
Marja Acres is located at 4901 El Camino Real between Kelly Drive and Cannon Road. The infill community is approximately two miles to the I-5 Tamarack Avenue off-ramp and offers short commute times to major Carlsbad employers and regional job centers. Downtown San Diego is within a 45-minute drive, as are south Orange and Riverside counties. The property’s location along El Camino Real’s existing transit and bike lanes also facilitates access to jobs, shopping and dining in coastal Carlsbad.
“IHP recognized the potential the site offered as an opportunity to invest in and enhance the city of Carlsbad,” added Enes. “Our team is leaning into IHP’s 30 years of experience entitling and developing in California to create a unique community that will be enjoyed by multiple generations of residents.”
The new homes at Marja Acres will showcase desirable design characteristics like spacious kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets and ample storage space. The three-story townhomes will offer two design styles: modern farmhouse and contemporary. The 121 modern farmhouse townhomes will feature three floor plans with up to three bedrooms and two-and-a-half baths, and range in size from 1,700 square feet to 1,740 square feet. The 127 contemporary-style townhomes will offer three floor plans with up to four bedrooms and three-and-a-half baths and range in size from 2,000 square feet to 2,350 square feet. All townhomes will include two-car garages.
Marja Acres’ amenities include multiple common recreational areas. The project features a one-and-a-half-acre village green, four pocket parks, a dog park and community center with a pool, barbeque area and bocce ball court. Future residents will also have access to Carlsbad’s highly ranked schools, including Kelly Elementary School, which is within walking distance of the community.
“KB Home is excited to be partnering with IHP Capital Partners to develop our new Marja Acres community. This well-designed, mixed-use neighborhood will offer homebuyers a rare opportunity to own a new home with numerous amenities in a picturesque Carlsbad setting,” said Steve Ruffner, president of KB Home’s Coastal division. “As with other KB Home communities, Marja Acres will provide home shoppers with the ability to purchase a new KB home that can be personalized to reflect their lifestyle and needs.”
KB Home stands out from other homebuilders as the company gives homebuyers exceptional choice and control. KB Home starts by offering a wide variety of homes at an affordable price. From there, the builder gives buyers the ability to personalize their homes from floor plans to exterior elevations, from design options to where they live in the community. The KB Home team works hand in hand with homeowners every step of the way, so they have a real partner in the process.
Every KB home is designed to be ENERGY STAR® certified thanks to the quality construction techniques and materials utilized that ultimately deliver significant savings on utility bills compared to used homes. Additionally, all new KB homes are designed to deliver an enhanced indoor environment and include high performance ventilation systems, low- or zero-VOC products and other features guided by the Environmental Protection Agency’s (EPA) Indoor airPLUS standards.
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 KB Home
KB Home is one of the largest and most recognized homebuilders in the U.S. and has built over 655,000 quality homes in our more than 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers — from those buying their first home to experienced buyers — allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable, and better for the environment than new homes without certification. We build strong, personal relationships with our customers, so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.
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