IHP Capital Partners, a real estate investment firm, has acquired 4.9 acres of unimproved land in Escondido for the development of 113 three-story townhomes.
IHP joined with California West, a San Diego-based residential land developer and homebuilder, in the project, their eleventh joint venture. The new community, called Eclipse, will be a less than a mile from the Citracado Parkway onramp to Interstate 15.
“Eclipse will provide homebuyers attractively priced townhomes with floor plans that are in high demand and rare in this area – especially as homebuyers seek layouts that include designated spaces for offices, home learning and other uses,” said Jeff Enes, senior vice president at IHP.
The residences at Eclipse will range from 1,143 to 1,578 square feet, each featuring from two to four bedrooms and a two-car garage.
Amenities include a recreation center with a swimming pool and jacuzzi in addition to a tot lot. The community will feature several landscaped open spaces throughout.
In addition, the Eclipse homes will be priced below the County of San Diego Federal Housing Administration (FHA) loan limit, allowing prospective buyers to qualify for FHA financing.
The project is currently in the early stages of development with groundbreaking planned by March 31. Sales are projected to open in early 2022.
Eclipse is located at the southwest corner of Brotherton Road and Centre City Parkway, within an established suburban residential area accessible to local restaurants and retail.
“Limited inventory and low interest rates continue to drive price appreciation and demand for new homes throughout the western U.S.,” said Richard Whiteley, co-president and chief operating officer at IHP. “Eclipse’s market debut in 2022 will be well-timed as pent-up demand for additional new product is anticipated to increase over the next year.”
IHP and California West Communities also partnered in the development of Skyhaus, a 100-townhome community in the Rancho Tesoro master plan in San Marcos.
Skyhaus homes were priced from the low $500,000s to low $600,000s. The development sold out ahead of its original business plan.
IHP and its partners completed six California developments in 2020, including Main Ranch, with 139 single-family homes in El Cajon, and McCanna Hills, with 1,560 lots in Riverside.
With the project, IHP’s equity commitments with their partners in 2020 totaled $100 million. Their portfolio holds 28 active investments.