IHP, Intracorp to Develop Alhambra Residential Project
IHP Capital Partners and Intracorp Homes formed a joint venture to acquire a two-acre infill site in Alhambra to develop The Cordova, a new 49-home residential community. The community will feature nine detached homes and 40 townhomes, 10 of which will be affordable units. Site development is underway, with vertical construction expected to begin in September.
Located at 801 E. Main St., the property previously housed a car dealership and has since been cleared for redevelopment. Intracorp secured the site in an off-market transaction ahead of the City of Alhambra’s general plan update, which rezoned the property from commercial to residential.
“The Cordova presents a rare opportunity to deliver new housing in a built-out, high-demand submarket of east Los Angeles County,” said Jeff Enes, partner at IHP Capital Partners. “The homes will offer buyers a new-construction alternative to the area’s aging resale inventory, much of which dates back nearly a century.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout