The build-for-rent (BFR) market continued its momentum as one player launched a new capital fund designed specifically for this strategy and another made inroads with new development.
Wanting to bring BFR housing communities to the Mountain West, PEG Companies (PEG), a vertically integrated commercial real estate investment firm, this month launched PEG Capital Partners Fund IV, L.P., specifically to capitalize on this strategy.
The new fund, currently targeting $200 million in equity, will focus on the development and management of luxury BFR communities in the primary markets of Utah, Idaho, Arizona, and Colorado. During the past 10 years, population growth in the Mountain West has significantly outpaced the rest of the country, with a 12.8% average growth annually (versus 6%, nationally).
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