Bain Capital Real Estate and Cherry Tree Capital Partners have joined forces to create BCT Development, a strategic joint venture focused on developing rental townhome communities in Southern California. The partnership plans to invest hundreds of millions of dollars over the next few years.
Initially, BCT Development will acquire and develop land in high-growth suburban markets in SoCal with the aim of offering unique rental options through premium townhome communities. Their target locations are up-and-coming neighborhoods.
Chris Marsh and Tim Stanley, who previously managed a multifamily development pipeline consisting of 22,000 units at Irvine Company, launched Cherry Tree Capital Partners based in Newport Beach earlier this year. They will lead the new venture for BCT Development.
“As more individuals and families move to the suburbs, they face limited options for affordable housing,” stated Stanley. “This is where BCT comes into play – fulfilling this pressing need for elevated rental living through our top-notch townhome communities while prioritizing affordability by design.”
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