Newport Beach-based IHP Capital Partners continues to find infill spots in Southern California for housing developments. It is now developing a single-family home project in Northeast Los Angeles, its second residential community currently underway in the region.
The homebuilder formed a joint venture with El Segundo-based Comstock Homes to acquire a 1.9-acre parcel in Glassell Park to develop 37 small lot detached homes.
The venture expects to kick off vertical construction in the first quarter of 2023, with sales slated to begin next quarter.
“Glassell Park is a terrific opportunity for IHP to work with the skilled team at Comstock Homes in transforming an under-utilized property in a unique pocket of LA into a well-designed community of contemporary new homes,” IHP Senior Vice President Jeff Enes said.
Rooftop Views
The three-story homes will include rooftop decks, with some homes offering views of Downtown LA.
Floor plans will range in size from 1,650 to 1,740 square feet, with two- and three-bedroom models, 2.5 bathrooms and attached two-car garages.
Community amenities include 20,000 square feet of open space and an outdoor gathering with barbeques and a fire pit.
Prices have yet to be announced.
The project is located at the end of Fletcher Drive with a private cul-de-sac entrance, bordered by existing single-family homes to the west and north.
Glassell Park is the first project between IHP and Comstock.
“The Los Angeles housing market remains in dire need of new supply, and Comstock Homes is excited to partner with IHP in the development and completion of the new Glassell Park homes,” said Comstock CFO Nicholas Long.
Projects Underway
IHP has more than 30 residential projects in various stages of development in Colorado, Utah, California, Oregon, Nevada, Washington, Texas and Arizona.
In May, the company paired with frequent partner Intracorp Homes—whose regional division is also based in Newport Beach—to build 33 single-family homes in inland Los Angeles.
The venture bought a 2.9-acre infill property in South Arcadia and is building two-story single-family homes on 2,500-square-foot lots.
Construction on the project, dubbed, Miren, is underway, with sales set to begin in the second quarter of 2023.
Homes will range in size from 1,820 to 2,120 square feet, with three to four bedrooms and attached two-car garages.
“Southern California is one of the most supply-constrained housing markets in the U.S.,” noted Brad Perozzi, president of Intracorp Southern California.
IHP and Intracorp also partnered together in the Westcliff area of Newport Beach for the redevelopment of Irvine Co.’s former Mariner’s Square apartment site.
The project, near the Costa Mesa and Newport Beach city lines, includes 92 homes built in a mix of townhomes and paired homes.
The three-story townhome project, called Mariner Shores, is nearly sold out.
