PEG Acquires 40 Acres for Idaho BTR Community
Plans for the site include the $150 million development of patio homes and duet townhomes.
PEG Cos. has acquired 40 acres of land in Caldwell, Idaho. The firm will develop 419 build-to-rent homes. The site was purchased through the PEG Capital Partners Fund IV Build for Rent LP (PEG Fund IV). Alante Homes at Spring Run is set to break ground in November.
Located at 4107 Laster Lane, the land will support a $150 million project that will take place in several phases over the next three years. In September 2021, PEG received approvals to annex the site into the city and gained the allowances to build the community.
Alante Homes at Spring Run will be composed of one-, two- and three-bedroom patio homes and duet townhomes. A public walking trail spanning more than 3,000 feet is featured on the eastern border of the property. West of the asset, Laster Lane connects western neighborhoods with commercial buildings to the east. Downtown Boise is a 20-minute drive away.
The city of Caldwell is home to parks, many employers and the College of Idaho. The city has seen an 18 percent increase in population since 2010, with 50 percent projected job growth over the next decade.
Alante Homes at Spring Run is anticipated to welcome residents in early 2024. PEG Property Group will run operations on the asset.
“Today’s constrained housing market has generated increased demand for all types of rental housing–apartments, townhomes, affordable, and single-family,” Cameron Gunter, founder and CEO of PEG Companies, told Multi-Housing News. “Many would-be buyers are now being forced to rent; however, they are still looking for a premium product type with ample space, upscale design, and a community that feels like home. PEG Capital Partners Fund IV Build for Rent, LP (PEG Fund IV) provides a solution that checks all of those boxes for renters of every age and demographic here in the fast-growing Mountain West region.”
The PEG Fund IV is aiming for $200 million in equity for the development and management of for-rent single-family housing. Under PEG’s BFR brand, Alante Homes, the firm plans to continue expanding in Utah, Idaho, Colorado and Arizona.
This year, PEG successfully closed its third fund with $120 million in LP commitments. The PEG Extended Stay Conversion Fund LP is solely purposed for acquiring extended stay hotels for conversion into Class B multifamily housing.