El Segundo, California-based multifamily owner and manager Haven Realty Capital, in a joint venture with funds managed by an affiliate of Apollo Global Management, has closed on the first phase of its $22.8 million acquisition of Thrive at Peace Way, a build-to-rent townhome community in the Summerlin community outside of Las Vegas.

Thrive at Peace Way is under construction by the seller, a joint venture of Edward Homes and Avision Development Partners, and expected to reach full buildout this fall. The community will encompass 60 two-story units across 12 residential buildings, each with three-bedroom, two-and-a-half bath floor plans ranging from 1,541 to 1,789 square feet. All units will feature a two-car garage and walk-out deck, and community amenities will include a pool and cabana.

The Haven joint venture will close on the remaining homes over the next 12 months, according to a press release provided to Multifamily Dive. 

Thrive at Peace Way will be Haven’s first BTR community in the Las Vegas metro area, and marks the first extension of its BTR platform into the western U.S. The company currently owns and operates 36 BTR communities in various stages of completion across the country, encompassing more than 3,700 homes across nine states, valued all together at $1.1 billion. 

Sudha Reddy, Haven’s founder and managing principal, sees the build-to-rent property space as an opportunity with still more room to grow. 

“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,” Reddy said. “Apartments simply don’t address the increasing amount of family formation that we are seeing, especially for those who prefer to rent or choose not to buy at this time. BTR provides families with the ability to live in a comfortable home for as long as they choose.”