A real estate investment firm and a home builder have acquired Marja Acres, a 20-acre parcel in Carlsbad that is set to become a mixed-use community.
Ground has been broken at the site, purchased by IHP Capital Partners in Newport Beach and KB Home in Los Angeles. The project will include 248 three-story townhomes, 10,000 square feet of commercial space and 46 units of affordable housing for adults 55 years of age and over.
The infill community, on the site of a former nursery, will pay homage to the property’s agricultural history through its name while providing amenities such as a daycare, 2,000 square feet of space for local restaurants, parks and a community center.
IHP and KB Home will develop the project together, completing the site’s infrastructure and constructing the townhomes. The affordable apartments will be completed by USA Properties at a later stage of the project.
Grading for the townhomes is currently underway with model home construction planned to start late this year, and home sales anticipated to open in 2023. Home prices have yet to be released.
“Marja Acres will be a unique, mixed-use community reflective of Carlsbad and the surrounding area’s local character,” said Jeff Enes, senior vice president at IHP Capital Partners, who also noted his firm’s “30 years of experience entitling and developing in California.”
The project, located at 4901 El Camino Real between Kelly Drive and Cannon Road, will include homes with kitchens overlooking large great rooms, bedroom suites with walk-in closets and storage space.
The three-story townhomes will offer two design styles, modern farmhouse and contemporary. The 121 modern farmhouse townhomes will feature three floor plans with up to three bedrooms, at around 1,700 square feet.
The 127 contemporary-style townhomes will 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 one-and-a-half-acre village green, four pocket parks, a dog park and community center with a pool, barbecue area and bocce ball court.
“KB Home is excited to be partnering with IHP Capital Partners to develop our new Marja Acres community. This well-designed, mixed-use neighborhood will offer homebuyers a rare opportunity to own a new home with numerous amenities in a picturesque Carlsbad setting,” said Steve Ruffner, president of KB Home’s Coastal division.