NEWPORT BEACH, CA – Two leading Newport Beach-based real estate firms are joining forces to make one of only a few new housing opportunities in the city over the past five years. IHP Capital Partners and Intracorp announced a joint venture for the in-fill development of 36 townhomes, called The Isle at Mariner Shores, in a prime Newport Beach location.
This is the first partnership between IHP Capital, an investor in residential real estate development in Southern California for 25 years, and Intracorp, a homebuilder and real estate developer that has completed several new-home neighborhoods in Southern California in the last decade.
The 36 three-tale townhomes of The Isle at Mariner Shores will be configured in tri-plex and six-plex buildings with residences ranging from 1,675 to 1,890 square feet with two to four bedrooms, two and one-half to three and one-half bathrooms and two side-by-side car garages. The community design includes a landscaped perimeter, internal paseos and common area amenities such as a zero-edge pool, fireside lounge, barbecue area and covered cabanas. Sales are anticipated to start in the first quarter of 2021.
To partner with Intracorp on a project close to both of our offices in Newport Beach is exciting for both companies, said Jeff Enes, Senior Vice President for IHP. Opportunities for new homes have been few and far between in Newport Beach over the past several years and this community will offer attached housing at a price point that is competitive to older existing homes in the surrounding neighborhoods. Intracorp has a proven track record with this type of development in the region and we expect to have fantastic success with them.
Construction is underway on the community which is taking shape on the site of the former Mariner Square Apartment Homes near the intersection of Irvine Avenue and 17th Street, adjacent to Westcliff Plaza neighborhood retail center and Mariners Elementary School. It is set approximately two miles east of the Pacific Ocean and three miles west of John Wayne Airport.
Intracorp could not be more pleased to be working with IHP Capital on this development, said Brad Perozzi, President, Southern California for Intracorp. Opportunities like The Isle at Mariner Shores community in Newport Beach are so rare and the neighborhood is so appealing that we feel our partnership is well positioned for future success.

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VERO BEACH, FL – The leadership teams of Watercrest Senior Living Group and The St. Joe Company announced that construction is steadily advancing at the site of Watercrest Santa Rosa Beach Helped Living and Memory Care in Santa Rosa Beach, Florida. EMJ Corporation has completed over 60% construction of the 107-unit, 92,000 square foot luxury senior living community and the building is scheduled to welcome residents in late 2020.
Watercrest Santa Rosa Beach will be a signature Watercrest product, offering 75 helped living and 32 memory care apartments with resort-style service and world-class care. The architecture and design will boast a stunning promenade, fireplace, signature water wall, multiple dining options, pool, salon and spa, grand balconies, and Florida-style outdoor living spaces. Watercrest’s uniquely designed Market Street Residence will showcase an ‘outdoor’ streetscape with numerous LifeBUILT programming touches; a highlight and crucial element of their multi-sensory memory care programming.
“Watercrest Santa Rosa Beach has made significant progress since our groundbreaking celebration last fall and we are thankful to all of our partners for their outstanding support,” says Marc Vorkapich, Principal and CEO of Watercrest Senior Living Group. “We look forward to establishing relationships within Santa Rosa Beach and offering local seniors a diverse and enriching lifestyle in this spectacular beachside community.”
Ideally located at 205 West Hewett Road, Watercrest Santa Rosa Beach is nestled amongst charming and idyllic towns brimming with Southern hospitality and a unique spirit. The 26-mile stretch of white-sand beach along the Emerald Coast draws visitors and residents alike to its cool, turquoise waters. The innovative neighborhood design and temperate climate offer year-round events alongside flourishing entertainment, dining and cultural attractions.
With multiple developments across the southeast, Watercrest principals, Marc Vorkapich, CEO, and Joan Williams, CFO, are poised to open multiple senior living communities in the next few years. This is the first senior living development project partnered between Watercrest and The St. Joe Company.
“It has been fantastic to watch the construction progress on this project,” said Jorge Gonzalez, President and CEO of The St. Joe Company. “The community will be a fantastic home for future residents, and we are looking forward to the grand opening.”

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SACRAMENTO, CA – AECOM-Canyon Partners, in a joint venture with The Martin Group, announced the closing of a $73.3 million senior construction loan from Pacific Western Bank to start the transit-oriented development of Wexler on 65th, a mid-rise student housing project near California State University, Sacramento. The development will bring much needed housing to Sacramento State. Construction of the project is scheduled to commence in June 2020, bringing hundreds of job opportunities to the community, and is scheduled to reach completion by Fall 2022.
The property is located less than a 5-minute walk from the university’s Hornet Crossing entrance and adjacent to several retail and dining options. It is directly adjacent to Sacramento Regional Transit Authority’s (“SacRT”) University/65th St. Gold Line light rail station, providing direct service to downtown Sacramento in approximately 11 minutes. In March 2020, the joint venture started the reconstruction and modernization of bus stops for the SacRT on 67th and Q streets, as part of the Wexler’s off-site improvement plot.
The 223-unit project will offer a mix of studio, two-, three-, four-, and five-bedroom units, featuring bedroom-bathroom parity, in addition to numerous tenant amenities, ample parking, and approximately 7,400 square feet of commercial space.
With a total enrollment of over 31,000, Sacramento State is the sixth largest university in the California State University system, which is the largest four-year public university system in the United States. Over $260 million of projects have been recently completed or are underway at Sacramento State, including a new science center and student activity center.

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