A partnership between Bain Capital Real Estate and Cherry Tree Capital Partners is planning to build new rental townhome communities in Southern California.
The joint venture, to be known as BCT Development, will deploy "several hundred million dollars of gross capital" in the next few years on the ground-up development of rental townhome communities in SoCal's highest growth suburban markets, according to a release issued by the partners.
Chris March and Tim Stanley, former Irvine Company executives who launched Newport Beach-based Cherry Tree Capital Partners in 2021, will lead BCT Development. At the Irvine Co., the pair oversaw a multifamily development pipeline.
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