July 30, 2022
A real estate investment firm and homebuilder have acquired Marja Acres, a 20-acre parcel in Carlsbad that will become a mixed community.
Ground has been broken at the site purchased by IHP Capital Partners in Newport Beach and KB Home in Los Angeles. The project includes 248 three-storey terraced houses, 10,000 square meters of commercial space and 46 affordable homes for adults aged 55 and over.
The infill community, on the site of a former nursery, will pay tribute to the property’s agricultural history through its name while providing amenities such as a nursery, 2,000 square feet of space for local restaurants, parks and a community center.
IHP and KB Home will develop the project together, complete the infrastructure of the site and build the terraced houses. The affordable apartments will be delivered by USA Properties at a later stage of the project.
The assessment of the terraced houses is currently underway. Model home construction is expected to begin at the end of this year and home sales are expected to open in 2023. House prices have yet to be released.
“Marja Acres will be a unique mixed-use community that reflects the local character of Carlsbad and the surrounding area,” said Jeff Enes, senior vice president at IHP Capital Partners, who also noted his firm’s “30 years of experience with law and development in California.”
Located at 4901 El Camino Real between Kelly Drive and Cannon Road, the project includes homes with kitchens opening onto large great rooms, bedroom suites with walk-in closets and storage space.
The three-storey terraced houses offer two design styles, modern farmhouse and contemporary. The 121 modern farmhouse townhouses will have three floor plans with up to three bedrooms, occupying approximately 1,700 square feet.
The 127 contemporary-style townhomes offer three floor plans with up to four bedrooms, ranging in size from 2,000 square feet to 2,350 square feet.
The project features a three-acre village square, four pocket parks, a dog park and a community center with a swimming pool, BBQ area and boules court.
“KB Home is delighted to partner with IHP Capital Partners to develop our new Marja Acres community. This well-designed, mixed-use neighborhood offers homebuyers a rare opportunity to own a new home with numerous amenities in a picturesque setting in Carlsbad,” said Steve Ruffner, president of KB Home’s Coastal Division.
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