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Article by Institute for Real Estate Operating Companies

IHP Capital Partners have formed a joint venture to acquire a 2.9-acre parcel in Arcadia, Calif., for the development and construction of Miren, a new residential community consisting of 33 two-story single-family homes on 2,500-square-foot lots.

Project development is currently under way, and the community’s grand opening and home sales are anticipated to begin in second quarter 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,” said Jeff Enes, senior vice president at IHP Capital Partners. “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.”

Miren will feature cottage and contemporary farmhouse architectural styles and will range in size from 1,820 square feet to 2,120 square feet. Each home will include three to four bedrooms, two-and-a-half to four bathrooms and attached two-car garages. The community will feature a round-about gated entrance and a half-acre open space on its western edge, inclusive of the preservation of an existing, large heritage oak tree. Home pricing is to be announced at a later date.

Miren is located in South Arcadia at 2607 S. Santa Anita Ave. The site is proximate to the Interstate 10, Interstate 210 and Interstate 605 freeways, providing efficient access to major employment centers including Downtown Los Angeles, which is 20 miles to the west, and the western San Gabriel Valley submarket known as the Tri-cities (Pasadena, Glendale, Burbank) of Los Angeles County.

Surrounded by existing residential use on all sides, Miren will be served by schools within the award-winning Arcadia Unified School District, which is ranked among the top three of the 76 districts within Los Angeles County. Designated schools include Longley Way Elementary (located one mile west), Richard Henry Dana Middle School (located 1.5 miles north), and Arcadia High School (located two miles north).

“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,” said Brad Perozzi, president of Intracorp Southern California. “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.”

Miren is the fourth development project between IHP and Intracorp. The two firms are currently under way on Docente at Old School House, a new 95-home community in Claremont, Calif., which will include in its IHP and Intracorp are also nearing close out of The Isle at Mariner Shores, a contemporary community in Newport Beach, Calif., offering 36 three-story townhomes.

Celebrating its 30th anniversary in 2022, IHP is a strategic partner for developers and homebuilders throughout the western United States. Including Arcadia 33, the company currently has more than 30 residential projects in various stages of development in Arizona, California, Colorado, Nevada, Oregon, Texas, Utah and Washington state.

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