PEG Capital Partners Fund IV, L.P.
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PEG Capital Partners Fund IV, L.P.
PEG Capital Partners Fund IV, L.P. is a real estate investment fund focused on the development and management of build-for-rent (BFR) housing in the fast-growing Mountain West region. Comprised of single-family dwellings to be built primarily across Utah, Idaho, and Arizona, the Fund is targeting $200 million in equity. This fund is currently accepting additional commitments.
Desert Color Multifamily and Commercial
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Desert Color Multifamily and Commercial
PEG Companies is raising $42.5M for Desert Color Multifamily and Commercial, a master-planned community in St. George, UT. As part of the project, PEG has secured the right to develop a 47-acre parcel of prime land which will include multifamily, retail, grocery-anchored shopping, the area’s only gas station, restaurants, a town center, and professional office space. Project construction began in 2022 and will be completed in three phases, starting with a 344-unit multifamily community and finishing in 2026 with a large paseo featuring experiential retail such as exercise classes & gyms, sports bars, upscale shopping, and more.
Residence Inn Replacement Strategy
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Residence Inn Replacement Strategy
PEG Companies is seeking $30.6M of limited partner capital to complete the development of five new assets featuring the Residence Inn flag. The offering presents investors with a unique opportunity to gain geographically diversified exposure to one of the most successful brands in hotel real estate, Residence Inn by Marriott. PEG has worked with Marriott in certain markets to retain the rights to transfer the Residence Inn flag from the existing Generation One property to the new, enhanced prototype. The current development prototype, known as Generation Nine, will capture an average increase in ADR of 20% versus Generation One products. PEG’s target markets for this strategy include Atlanta, Boston, Dallas, Sacramento, and Santa Fe. Over the past two decades, PEG Companies has developed $503M in hospitality assets with a Realized Net LP IRR and MOIC of 25.5% and 2.6x, respectively.
Qualified Opportunity Zone Projects
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Qualified Opportunity Zone Projects
PEG Companies is currently raising equity for the following four Qualified Opportunity Zone (QOZ) projects:
• 465 Main Apartments - A 15-story Class A multifamily high-rise in downtown Salt Lake City, this project will consist of 216 units and 150 parking spaces with additional parking spaces being leased from the adjacent office building. The project is part of a ground lease with Salt Lake County where approximately half of the land will be dedicated to this multifamily development, and the other half is intended to be an office development. The property is favorably situated on Main Street, adjacent to a TRAX light-rail line and the city’s new District Attorney's office. This location is also within blocks of the central office buildings downtown with convenient freeway access.
• Tuscon Bautista Apartments - A Class A multifamily housing development project located in Tuscon, AZ, this project is part of a broader mixed-use master-planned development known locally as the Mercado District. The multifamily asset will be a luxury apartment development with 256 units that are a mix of one-bedroom, two-bedroom, and live-work units. Parking will consist of 260 on-site underground stalls with gated access. Project amenities will include a resort-style pool and spa, a large clubhouse, fitness and yoga rooms, BBQ and fire pits, four outdoor amenity courtyards, a paseo that runs through the center of the property, and more.
• The Kimsey Apartments & AC Hotel - The Kimsey Apartments & AC Hotel consists of a 169-unit Class A multifamily project with a 168-key AC Hotel by Marriott. The parking garage will be shared, and the hotel will lease from the apartments. This development is located in the Oldtown part of Scottsdale, AZ, a vibrant community home to the headquarters of Vanguard, Honor Health, GoDaddy, Massage Envy, and CVS corporate offices. The city’s 240,000 population continues to grow with business expansion and job growth in the area. This project helps fulfill the demand of the growing economy and business activity.
• Brick Lofts - Brick Lofts includes both the acquisition of the existing 44-unit Brick Lofts Apartments on the site (Phase I) as well as a new 89-unit Class A multifamily project to be built adjacent (Phase II) to Phase I, creating a robust 133-unit Brick Lofts Apartments community. Phase II will benefit from economies of scale of the existing, fully leased 44 units. Located in the heart of Salt Lake’s Millcreek area, the city is investing a $20 million dollar bond into a public park which will include an ice ribbon, plaza space, a concert venue, programmed events, and will be lined with ground floor boutique retail and food uses.
• 465 Main Apartments - A 15-story Class A multifamily high-rise in downtown Salt Lake City, this project will consist of 216 units and 150 parking spaces with additional parking spaces being leased from the adjacent office building. The project is part of a ground lease with Salt Lake County where approximately half of the land will be dedicated to this multifamily development, and the other half is intended to be an office development. The property is favorably situated on Main Street, adjacent to a TRAX light-rail line and the city’s new District Attorney's office. This location is also within blocks of the central office buildings downtown with convenient freeway access.
• Tuscon Bautista Apartments - A Class A multifamily housing development project located in Tuscon, AZ, this project is part of a broader mixed-use master-planned development known locally as the Mercado District. The multifamily asset will be a luxury apartment development with 256 units that are a mix of one-bedroom, two-bedroom, and live-work units. Parking will consist of 260 on-site underground stalls with gated access. Project amenities will include a resort-style pool and spa, a large clubhouse, fitness and yoga rooms, BBQ and fire pits, four outdoor amenity courtyards, a paseo that runs through the center of the property, and more.
• The Kimsey Apartments & AC Hotel - The Kimsey Apartments & AC Hotel consists of a 169-unit Class A multifamily project with a 168-key AC Hotel by Marriott. The parking garage will be shared, and the hotel will lease from the apartments. This development is located in the Oldtown part of Scottsdale, AZ, a vibrant community home to the headquarters of Vanguard, Honor Health, GoDaddy, Massage Envy, and CVS corporate offices. The city’s 240,000 population continues to grow with business expansion and job growth in the area. This project helps fulfill the demand of the growing economy and business activity.
• Brick Lofts - Brick Lofts includes both the acquisition of the existing 44-unit Brick Lofts Apartments on the site (Phase I) as well as a new 89-unit Class A multifamily project to be built adjacent (Phase II) to Phase I, creating a robust 133-unit Brick Lofts Apartments community. Phase II will benefit from economies of scale of the existing, fully leased 44 units. Located in the heart of Salt Lake’s Millcreek area, the city is investing a $20 million dollar bond into a public park which will include an ice ribbon, plaza space, a concert venue, programmed events, and will be lined with ground floor boutique retail and food uses.
Sun Valley Marriott Tribute Hotel
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Sun Valley Marriott Tribute Hotel
PEG Companies is raising $27.3M in equity for the development of “prologue,” a Marriott Tribute Portfolio hotel in Ketchum, ID. Paying homage to Ketchum’s most prolific former resident, Ernest Hemingway, “prologue” will be the only Marriott-branded, luxury hotel in the thriving Sun Valley region and accessed through the world’s most powerful online hospitality booking site: www.marriott.com. Marriott branded hotels in similar resort markets boast strong ADRs, high occupancies, and impressive exit valuations. Present market indicators project attractive cash flows and a significant upside at disposition.
PEG Capital Partners Fund I, L.P.
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PEG Capital Partners Fund I, L.P.
PEG Capital Partners Fund I, L.P. is a diversified real estate investment fund focused on hospitality and multifamily development in the Intermountain West, as well as the conversion of extended-stay hospitality properties into workforce multifamily housing. Launched in the second half of 2018, the fund closed with approximately $130M in fund and co-investment commitments. This fund is closed to additional LP investment.
PEG Opportunity Zone Fund I, L.P.
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PEG Opportunity Zone Fund I, L.P.
PEG Opportunity Zone Fund I, L.P. is a diversified real estate investment fund focused on multifamily, hospitality, and mixed-use developments within Qualified Opportunity Zones. Launched in the second half of 2018, the fund closed with over $85M in fund and co-investment commitments. This fund is closed to additional LP investment.
PEG Extended Stay Conversion Fund, L.P.
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PEG Extended Stay Conversion Fund, L.P.
PEG Extended Stay Conversion Fund, L.P. is a closed-end, commingled real estate investment fund focused on the acquisition of extended-stay hospitality assets across the United States and the immediate conversion of these assets into affordable multifamily workforce housing. Launched in the first half of 2020, the fund is targeting $100M in committed capital. This fund is currently accepting additional LP commitments.