CALDWELL, Idaho - October 13, 2022 - (Newswire.com)
PEG Companies [PEG], a full-service commercial real estate investment firm known for its unique approach to creating value, announced the successful closing on a fully entitled 40-acre parcel of land for the development of 419 build-for-rent [BFR] residences through PEG Capital Partners Fund IV Build for Rent, LP (PEG Fund IV).
Located at 4107 Laster Lane, the property is a 20-minute commute to downtown Boise.
The $150M project, which will roll out in multiple phases over the next three years, will consist of one-, two-, and three-bedroom patio homes and duet townhomes, bringing a much-needed housing alternative to renters in the area. Garnering strong support from the City of Caldwell, the project in September received the final approvals necessary for the annexation of the land into the City and the land use allowances necessary to accommodate the project.
"We commend Caldwell leaders for their forward thinking and strategic efforts to bring a diverse range of quality housing options to their community," said David Bourne, Director of Investments at PEG. "Data shows today's renters are looking for larger living areas with outdoor space and are increasingly electing to move out of dense, multifamily communities, which is why a BFR product like this appeals to so many people."
The City of Caldwell has grown in population by 18% since 2010, has experienced nearly 20% annual home appreciation over the last five years, and shows nearly 50% projected job growth over the next 10 years. With abundant parks and recreational activities and a growing business economy, the City is home to a number of major employers and the College of Idaho.
"We are pleased to support this exciting project within the fast-growing east Caldwell region," said Steven Jenkins, Economic Development Director for the City of Caldwell. "PEG will provide thoughtfully designed homes with first-class finishes and an abundance of amenities. This is precisely the kind of residential project that our community needs as we enter a new season of growth."
Currently targeting $200 million in equity, PEG Fund IV is centered around the development and management of upscale for-rent single-family housing across the primary markets of Utah, Idaho, Colorado, and Arizona under PEG's signature BFR brand Alante Homes. Each Alante Homes community will feature superior finishes and premium amenities, offering residents the freedom and space that come with single-family living while checking all the boxes of a traditional multifamily product in terms of convenience and amenities. The Caldwell project, known as Alante Homes at Spring Run, brings many additional benefits to the community, including the continuation of Laster Lane connecting the residential neighborhoods to the west of the property with the commercial corridor to the east, a public walking trail that spans the entire eastern border of property in excess of 3,000 linear feet, and more.
"We believe that BFR will claim a significant share of the housing market as we move into the next economic cycle," explained PEG Founder/CEO Cameron Gunter. "At PEG, we are uniquely qualified to execute a BFR strategy entirely in-house through our vertically integrated, full-service capabilities. We are confident in our ability to offer an innovative housing alternative that residents love while producing excellent returns for our investors," Gunter said.
Alante Homes at Spring Run is scheduled to break ground in November. PEG Property Group, the property management arm of PEG that will operate the project, anticipates welcoming the first Alante residents to their homes in early 2024.
About PEG Companies:
PEG Companies [PEG] is a full-service commercial real estate investment firm, known for its unique approach to creating value. A vertically integrated organization with five highly synergistic companies that each manage a different aspect of PEG's investments, the group is known for its hands-on involvement through the entire investment process. With $2 billion AUM diversified across the multifamily, build-for-rent, student housing, mixed-use, retail, and hospitality asset classes throughout 27-plus states/provinces, the firm sponsors multiple investment products on behalf of its investors. For more information on PEG, visit pegcompanies.com.
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Original Source: PEG Companies Acquires 40-Acre Site in Caldwell for Large Build-for-Rent Development