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Bain, Cherry Tree Capital Partner on SoCal Rental Developments
Bain Capital Real Estate and Cherry Tree Capital Partners have formed BCT Development, a strategic joint venture focused on the ground-up development of rental townhome communities throughout Southern California. The JV intends to deploy several hundred million dollars of gross capital over the next several years.
BCT Development will initially focus on acquiring, entitling and developing land in SoCal’s highest-growth suburban markets with the goal of providing differentiated rental product through elevated townhome communities. The partnership plans to target developments in growing neighborhoods.
Chris Marsh and Tim Stanley, who previously oversaw a 22,000-unit multifamily development pipeline at Irvine Company, launched Newport Beach-based Cherry Tree Capital Partners in 2021 and will lead the new BCT Development venture.
“As individuals and families continue to migrate to the suburbs, they’re faced with a lack of attainable for-sale housing, and quality alternatives,” said Stanley. “That’s where BCT comes in — meeting this deep need of elevated rental living through our premier townhome communities, all while prioritizing affordability by design.”
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- ◦Development
