Haven Realty Capital, along with an affiliate of Apollo Global Management, paid $22.8. million for the first phase of Thrive at Peace Way, a build-to-rent townhome community. The seller was a joint venture between Edward Homes and Avison Development Partners.

Thrive at Peace Way is located on a 5-acre site in Las Vegas Summerlin submarket. At build-out in fall 2022, the project will feature 12 residential buildings housing 60 two-story mid-rise townhomes. The townhomes will be built as three-bedroom units ranging from 1,541 to 1,789 square feet, with attached two-car garages and a walk-out deck.

The project is expected to be developed in a total of eight phases, where the Haven Realty Capital-led joint venture will close on the remaining homes in phases over the next 12 months. Haven’s Sudha Reddy thinks the BTR phenomenon is here to stay, “Apartments simply don’t address the increasing amount of family formation that we are seeing, especially for those who prefer to rent.”