IHP Capital Partners and Meridian Communities Announce Joint Venture for In-Fill Development of Townhomes in Poway, Calif.
Preliminary rendering of two- and three-story residences in Poway, Calif.(Photo: Business Wire)
March 16, 2020 11:30 AM Eastern Daylight Time
POWAY, Calif.–(BUSINESS WIRE)–In an effort to bring attainably priced new homes close to employment centers in central San Diego County, IHP Capital Partners and Meridian Communities today announced a joint venture for the in-fill development of 97 townhomes in Poway, Calif.
This is the first partnership between IHP Capital Partners, an investor in residential real estate development in San Diego County for 25 years, and Meridian Communities, a San Diego-based land developer and homebuilder that has completed several new-home neighborhoods in the region since 2014.
The soon-to-be-named community will take shape on an in-fill site close to employment centers. The site is set just south of Poway Road at the intersection of Civic Center Drive within the City’s civic area. It is walkable to a grocery-anchored retail center and an AMC theater, and is located within one mile of Scripps Poway Business Park, a complex with more than 8 million square feet of commercial space and home to dozens of leading companies in their respective industries.
The new Poway community will feature two- and three-story townhomes designed by the highly acclaimed Woodley Architectural Group. The residences will range from 1,330 to 2,270 square feet with up to four bedrooms and two and half baths. Sales are anticipated to begin in late 2020 and prices are expected to start in the low $500,000s.
“Poway is an incredibly desirable place to live with its rural and city elements and proximity to entertainment centers and thousands of jobs,“ said Jeff Enes, Senior Vice President for IHP. “With attainable pricing that will be below the County’s FHA loan limit, this project will provide more prospective buyers the potential for loan qualification and the opportunity to realize home ownership. We’re pleased to continue our proven track record in San Diego with Meridian Communities.”
Located in northeast San Diego County, Poway is known as “The City in the Country” and prides itself on the fact that over half of the city’s 39.4 square-mile area is preserved as dedicated open space.
Poway offers a diverse range of housing options, an outstanding school district, thriving business parks, a broad range of dining and shopping opportunities, beautiful parks, 76 miles of trails and numerous community events throughout the year.
“This community will give working families the chance to live in a fabulous walkable neighborhood, surrounded by excellent schools, convenient shopping, high tech employment centers and all that Poway has to offer,” said Guy Asaro, President and CEO of Meridian Communities. “Our architect, Michael Woodley, is acclaimed nationally for thoughtful, people-centric design. We’re proud to bring an attainable community of this quality to Poway.”
About IHP Capital Partners
Founded in 1992, IHP is one of the nation’s largest investment firms providing equity financing for residential real estate development. The firm invests institutional capital in residential real estate projects throughout the western United States. IHP and its partners have created neighborhoods and communities valued at more than $20 billion. IHP’s experience helps to maximize project value through recommendations in product design and segmentation, pricing strategy, marketing, development and operational fine-tuning. For more information visit www.ihpinc.com.
About Meridian Communities
Meridian Communities was founded in 2014 on a people-centric philosophy that guides every step of the company’s endeavors. Its mission is to create projects and communities that enhance the lives of the people who live, work and shop there. The partners at Meridian Communities have built thousands of homes and believe the company’s greatest assets are happy homeowners. Meridian Communities aligns its business relationships with likeminded companies that understand and take seriously the social contract that is inherently made through the creation of its communities. Its goal is to responsibly develop lasting, environmentally friendly communities that its customers are happy to call home. For more information visit www.meridiannewhomes.com.
Mike Hoye—Paolucci Salling & Martin Communication Arts | Public Relations
(310) 346-0845 (mobile) or mhoye@PSMCommArts.com