ADA COUNTY, Id – PEG Companies [“PEG”], a full-service commercial real estate investment firm known for its unique approach to creating value, on Thursday gathered with the Ada County community to celebrate the grand opening of Alante Homes at Lake Hazel, a build-for-rent [BFR] project where 32 for-rent townhomes now stand.
Over the last 10 years, population growth in the Mountain West has significantly outpaced the rest of the U.S. and remains a leading region for population migration, with home prices seeing double-digit growth between 2020 and 2021. The decline in homeownership affordability is one of the most pressing challenges facing the Mountain West region, driving additional demand toward low-density rental housing.
Aside from soaring home prices, PEG’s market research has revealed several other factors currently influencing people to explore alternatives to homeownership.
“As we’ve studied the target demographics of our future Alante Homes residents, a clear cross-generational trend has emerged: the desire for freedom and mobility. These days, more Baby Boomers, Gen Xers, and Millennials, alike, are prioritizing a comfortable and flexible lifestyle over homeownership, citing their lack of time for property upkeep, their desire to travel, and/or the convenience of the amenities that most BFR communities offer as key factors influencing their choices,” explained David Bourne, Director of Investments at PEG Companies.
Located at 10975 W Lake Hazel Road, this property stood out to PEG as a convenient acquisition because of the ability to acquire finished lots with entitlements and horizontal site work completed. With their highly experienced development team and BFR strategists, PEG completed construction ahead of schedule and is now leasing up the property through one of the firm’s in-house property managers, PEG Property Group.
“We built two- and three-bedroom homes, ranging from 1,029 to 1,270 square feet, at this location,” Bourne explained. “Special attention was given to the architecture to ensure these homes blend with the Hazelwood Master Planned Community, and they share amenities with the Parkside development directly across the street.”
Each Alante Homes community features 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 lifestyle benefits.
PEG is currently targeting the primary markets of Utah, Idaho, and Arizona and potential secondary markets of Montana, Wyoming, Colorado, Nevada, Oregon, and eastern Washington for its BFR strategy. The firm is also currently working on a separate 11.2-acre parcel adjacent to the 10975 W Lake Hazel Road property from the same seller for the development of upscale for-rent patio homes.
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