Original article by: BUILDER Online
The latest joint venture involves the acquisition of up to 135 single-family lots in the Daybreak master plan.
Salt Lake City home builder Fieldstone Homes and real estate investment firm IHP Capital Partners are continuing their partnership to maintain their strong momentum in the Mountain West region. The partners closed on their fifth residential development project in Utah since the first quarter of 2020 and are on track to deliver more than 250 new homes in the Greater Salt Lake City area per year in 2022 and 2023.
The latest joint venture is the acquisition of up to 135 single-family lots within Daybreak, a large master-planned community in South Jordan. The lots range in size between 3,400 and 5,300 square feet. The homes, which will be designed to appeal to first-time and move-up home buyers, will be between 2,800 and 3,500 square feet. Vertical construction is expected to begin this month, with the first sales release anticipated for the fourth quarter of 2021.
“The demand we’re seeing in Utah is exceptional, and IHP is very pleased to continue its partnership with Fieldstone Homes in bringing new homes to Greater Salt Lake City,” said Renee McDonnell, managing director at IHP Capital Partners. “Daybreak is a premier master plan with numerous amenities that are designed to enhance Utah’s outdoor-focused living experience. The community is an opportunity for home buyers to acquire a modern new home built by a quality home builder at a compelling price.”
Daybreak, which spans 4,000 acres and will include 20,000 new homes at completion, is 23 miles southwest of Salt Lake City. Community amenities include a recreation center, multiple parks, a man-made lake, rivers, and over 30 miles of trails.
“Salt Lake City continues to draw people from across the country seeking a vibrant lifestyle in a business-friendly environment,” said Jason Harris, vice president 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 projects Fieldstone Homes and IHP are developing together in the region include:
- Antelope Meadows: The partners acquired 161 single-family lots on 55 acres in Eagle Mountain in June. In a spacious rural setting, the larger lots are between 7,600 and 20,000 square feet and homes will be 3,200 to 4,500 square feet. Vertical construction of homes is scheduled to begin in the fourth quarter.
- Scenic Mountain Townhomes West: Acquired in April, this project will include 84 townhomes on 6 acres in Eagle Mountain. The homes will approximately 1,900 square feet and designed for first-time home buyers. Construction is underway, with initial closings slated for the first quarter of 2022.
- Canyon Point: IHP and Fieldstone acquired 113 single-family lots in the final phase of the Traverse Mountain master plan in the heart of Utah’s Silicon Slopes in the first quarter. Vertical construction is expected to begin in the fourth quarter with home sales set to open in early 2022.
- The Park: In the first quarter of 2020, the partners acquired 53 single-family lots in The Park, a 40-acre community in Layton. The alley-loaded homes, ranging between 2,800 and 3,200 square feet, are under construction, and sales started in July 2020.
“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 home builders such as Fieldstone Homes that are experts in their markets to deliver quality new homes in desirable locations,” said McDonnell.