Newport Beach-based IHP Capital Partners and Vancouver-based Intracorp Homes have acquired a 2.9-acre site in Arcadia that will be developed into 33 single-family homes.
All of the homes at the development, which will be called Miren, will be two stories and sit on 2,500-square-foot lots.
Prices of the homes, which will range from 1,820 square feet to 2,120 square feet, have not yet been announced. Each home will have three to four bedrooms and attached two-car garages.
The development is expected to open and begin home sales in the second quarter of 2023.
“Arcadia is a well-established and desirable city within the San Gabriel Valley and IHP is excited to partner with Intracorp to bring a fresh new home concept to this city,” Jeff Enes, senior vice president at IHP Capital Partners, said in a statement. “Centrally located and accessible to excellent schools, employment centers and amenities, Miren will provide residents a new living option, central to all that the valley has to offer. Intracorp specializes in creating luxury homes in urban environments and we look forward to working with their team in bringing another unique and special community to life.”
The project is at 2607 S. Santa Anita Ave. In addition to the homes being built, the development will also have a half-acre of open space.
“Southern California is one of the most supply-constrained housing markets in the U.S. and our team is very pleased to have secured this excellent infill location for Miren’s development,” Brad Perozzi, president of Intracorp Southern California, said in a statement.
“Miren will be coming online as Los Angeles County residents continue to push for more quality new housing. With the support and expertise of IHP Capital Partners, we look forward to breaking ground soon and transforming the underutilized property into a new community of modern and functional single-family homes.”