IHP Capital Partners and Fieldstone Homes close on new residential development project
Salt Lake City — IHP Capital Partners, one of the nation’s leading real estate investment firms, and Fieldstone Homes, a nationally recognized homebuilder in Salt Lake City, today announced their joint venture (JV) in the acquisition of up to 135 single-family lots within Daybreak, a large-scale master-planned community in South Jordan, Utah. The lots range in size from 3,400 square feet to 5,300 square feet. The purchase marks the fifth project the two firms are developing together in the Greater Salt Lake City region since Q1 2020.
Vertical construction of the Daybreak homes will begin this month. Homes will range in size from 2,800 square feet to 3,500 square feet and are designed to appeal to first-time and move-up homebuyers. The first sales release is anticipated in Q4 2021.
“The demand we’re seeing in Utah is exceptional and IHP is very pleased to continue its partnership with Fieldstone Homes is bringing new homes to Greater Salt Lake City,” says Reneé McDonnell, managing director at IHP Capital Partners. “Daybreak is a premier masterplan with numerous amenities that are designed to enhance Utah’s outdoor-focused living experience. The community is an opportunity for homebuyers to acquire a modern new home built by a quality home builder at a compelling price.”
Daybreak is located approximately 23 miles, or 30 minutes driving, southwest of Salt Lake City. The entire masterplan spans 4,000 acres and will include approximately 20,000 new homes at completion. Daybreak offers a multitude of community amenities such as a recreation center, multiple parks, a man-made lake, rivers, over 30 miles of trails, and other community enhancements.
“Salt Lake City continues to draw people from across the country seeking a vibrant lifestyle in a business-friendly environment,” says Jason Harris, VP of land acquisitions at Fieldstone Homes. “Utah is one of the fastest-growing and youngest states in the nation, and its population is diversifying tremendously. Fieldstone is leaning into its depth and breadth of experience, which is enhanced by its partnership with IHP, to deliver a range of quality new home types and sizes throughout the Salt Lake City region.”
The four additional residential projects IHP and Fieldstone are developing together in the Salt Lake City metropolitan statistical area (MSA) include:
- Antelope Meadows – IHP and Fieldstone acquired 161 single-family lots on 55 acres in Eagle Mountain in June 2021. Located in a spacious rural setting, Antelope Meadows offers large lots, from 7,600 square feet to 20,000 square feet, which are uncommon along the Wasatch Front. The community is adjacent to extensive walking trails and parks and includes a clubhouse with a pool. Homes will be 3,200 square feet to 4,500 square feet. The community is designed to appeal to first- and second-time homebuyers, or mature families looking for more living space. Grading is currently underway on the project with vertical construction of the homes scheduled to begin in Q4 2021.
- Scenic Mountain Townhomes West – Acquired in April 2021, Scenic Mountain includes 84 townhomes on 6 acres in Eagle Mountain. The homes will be approximately 1,900 square feet in size and offer functional floorplans with three bedrooms and two and a half bathrooms. Community amenities include parks, trails, pickleball courts and a clubhouse with a pool. Proximate to the region’s “Silicon Slopes,” Scenic Mountain is designed to appeal to first-time homebuyers. Vertical construction of the townhomes is currently underway, and initial closings are anticipated in Q1 2022.
- Canyon Point – Announced in Q1 2021, IHP and Fieldstone acquired 113 single-family lots within the final phase of the amenity-rich Traverse Mountain Master Plan, located in the heart of Utah’s Silicon Slopes. The lots offer sweeping mountain and valley views and average 9,000 square feet. Homes will range from 3,300 square feet to 4,400 square feet. Land development is underway with vertical home construction slated to commence in Q4 2021. Home sales are anticipated to open in early 2022.
- The Park – In Q1 2020, IHP and Fieldstone acquired 53 single-family lots within The Park, a 40-acre, 272-home community located in Layton. The alley-loaded homes are under construction and range in size from 2,800 square feet to 3,200 square feet. The community includes amenities such as a pool, numerous parks and schools within walking distance. Home sales commenced in July 2020.
“IHP is aggressively seeking new opportunities for investment in targeted growth markets throughout the Western US,” added McDonnell. “As migration continues and communities shift, which, in part, has been driven by the unprecedented changes in remote work, IHP is focused on partnering with regional homebuilders such as Fieldstone Homes that are experts in their markets to deliver quality new homes in desirable locations.”
IHP is a strategic partner for developers and homebuilders throughout the Western US The company currently has more than 30 residential projects in various stages of development in Utah, California, Colorado, Oregon, Nevada, Washington, Texas and Arizona.