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2/09/21
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In development news out of Escondido, IHP CapitalPartners acquired 4.9 acres of unimproved land for construction of 113 three-story townhomes. IHP partnered with California West Communities, a San Diego-based residential land developer and homebuilding company, in their eleventh joint venture to bring the new community, named Eclipse, to north inland San Diego County.
The residences at Eclipse will range in size from 1.1k sf to 1.6k sf. Floorplans will feature two to four bedrooms and a two-car, direct access garage. Unique from other actively selling or recently built for-sale multifamily developments in the area, 29 of Eclipse’s townhomes will offer four-bedroom layouts. Further, 54 (48%) of the townhomes are end units, providing ample natural light via windows and doors on three sides of the home.
Amenities within Eclipse 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. Eclipse’s recreational area will be completed in the initial project phase with the model homes and the first stage of construction, allowing prospective buyers to view the community amenities while touring the residences.
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 for Q1 2021. Sales are anticipated to open in Q1 2022.
Eclipse is located at the southwest corner of Brotherton Rd and Centre City Pkwy (State Route 15), a main thoroughfare that leads to downtown Escondido. The property is within an established suburban residential area accessible to local restaurants and retail amenities. It is also less than one mile east of the Interstate 15 Citracado Parkway onramp, providing convenient access to San Diego County’s major employment centers in Carlsbad, Sorrento Valley and downtown San Diego.
The project is IHP’s sixth equity commitment in 2020, bolstering the company’s portfolio to 28 total active investments leading into 2021.
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