In partnership with funds managed by an affiliate of Apollo Global Management, Haven Realty Capital has announced the close of the first phase of Thrive at Peace Way, a build-to-rent (BTR) townhome community. Now under construction in the Las Vegas suburb of Summerlin, the community will include 12 residential buildings encompassing 60 two-story townhomes.
The townhomes will offer three-bedroom, two-and-a-half-bathroom floor plans, ranging between 1,541 and 1,789 square feet, with a two-car garage and walk-out deck. “The number of persons choosing to rent single-family homes over apartments is growing rapidly, especially as more build-to-rent communities come to market,” says Haven founder and managing principal Sudha Reddy. “By most estimates, only 10% of the multifamily inventory in the United States has three bedrooms or more.”
Developed by the seller, a joint venture of Edward Homes and Avision Development Partners, the community will also include common area amenities with a resort-style pool and cabana. Led by Haven, the joint venture between the company and Apollo will close on the remaining homes in phases over the next 12 months.
Since 2012, Haven has successfully invested in Las Vegas by acquiring single-family rentals and multifamily properties. The new acquisition is Haven’s first BTR community in the city and marks its BTR platform expansion into the Western U.S. The firm currently controls 36 BTR communities representing over 3,700 homes across nine states, which are in various phases of construction and stabilization.
