PEG Companies Closes Loan, Breaks Ground on Idaho’s Largest Build-for-Rent Project

CALDWELL, Idaho – PEG Companies [“PEG”] announced the successful loan closing and groundbreaking on a $150M build-for-rent [“BFR”] project that will service 419 upscale homes through the PEG Capital Partners Fund IV, Build for Rent, LP [“PEG Fund IV”].

Located at 4107 Laster Lane, the project, known as Alante Homes at Spring Run, is a 20-minute commute to downtown Boise. The loan will cover Phase One of the project which includes the first 233 homes and encompasses 24.18 acres of the 40.16 total acre development.

“Closing a construction loan in the current volatile financing environment is a testament not only to the quality of the Alante Homes at Spring Run Project but also to the ability of the entire PEG team and their partners to overcome difficult challenges,” explained David Bourne, Director of Investments at PEG.

Alante Homes at Spring Run will roll out in multiple phases over the next three years, boasting a variety of one-, two-, and three-bedroom patio homes and duet townhomes.  Garnering significant support from the City of Caldwell due to strong demand in the community for alternative rental options, the project in September received the approvals necessary to accommodate the project.

Currently targeting $200 million in equity, PEG Fund IV is centered around the development and management of upscale for-rent single-family housing across the primary markets of Utah, Idaho, Colorado, and Arizona under PEG’s signature BFR brand Alante Homes. Each Alante Homes community will feature 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 amenities. Alante Homes at Spring Run brings many additional benefits to the community, including the continuation of Laster Lane connecting the residential neighborhoods to the west of the property with the commercial corridor to the east, a public walking trail that spans the entire eastern border of property in excess of 3,000 linear feet, and more.

Idaho’s largest build-for-rent community to date, Alante Homes at Spring Run is scheduled to deliver the first 233 homes in January 2024. Upon completion, PEG’s development team will then turn Phase One over to PEG Property Group, the property management arm of PEG, to begin leasing up those homes while the next phases move through construction.

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