Press release

July 20, 2022

Walker & Dunlop Structures co-GP Venture for Build-for-Rent Development Portfolio

The programmatic joint venture between Good + West and Dallas-based private equity fund will comprise at least four BFR developments throughout Texas

Build-for-rent community

Walker & Dunlop, Inc. announced today that it structured a programmatic joint venture partnership for Perch, a portfolio of build-for-rent (BFR) housing developments.

Walker & Dunlop’s team, led by Heather McClure, advised its client, Good + West, in identifying a co-general partner that will provide both funds and support as they execute this business plan. Good + West currently has a construction pipeline of more than $150,000,000 and plans to complete approximately $400,000,000 worth of Perch developments within the next four years. The Walker & Dunlop team identified a Dallas-based private equity fund as the ideal capital partner for Good + West.

BFRs are purpose-built housing to be operated as single-family rental investments within a contiguous community, much like traditional multifamily properties. This relatively new asset class is emerging as one of the strongest growth sectors in commercial real estate, and it is estimated the 5-10% of new build homes are BFR. The product has been steadily increasing in popularity due to current demographic trends related to Gen-Y and baby boomers. As more young couples, people with children, and retirees look to rent single-family homes with yards and upscale amenities on a long-term basis, migration patterns related to COVID-19 have accelerated demand. In addition, as the demand for BFR properties grows, an increasing number of larger investors are expanding their investment strategy to include the product.

In lockstep with the growing popularity of BFR properties, the Perch portfolio will comprise multiple dedicated rental communities, delivering a best-in-class product with outdoor spaces, outstanding design, and family-friendliness. Initially breaking ground in Texas’ Dallas-Fort Worth and the Austin metro areas, the new partnership will cater to each city’s increased migration and quickly growing workforce. Austin, in particular, was recently dubbed “Silicon Hills”, as large tech companies including Hewlett Packard Enterprises, Oracle, and Tesla establish a presence in the area. With job growth outpacing the supply of housing inventory, the regions are a perfect fit for BFR development. 

“Walker & Dunlop’s team brought acuity and skill to this transaction,” stated Elizabeth Good, Partner at Good + West. “The team met and exceeded the requirements of this complex, highly nuanced development concept. Their local market knowledge and advisory role were critical in helping us find the ideal co-GP, allowing us to break ground on the first of several projects financed by the venture.”

Ms. McClure commented, “Good + West has more than 30 combined years of multifamily development, asset management, and finance experience. They are perfectly poised to deliver unique, well designed projects that are perfectly suited to the BFR market.” She added, “This transaction is a testament to our dedicated BFR practice group and Walker & Dunlop’s outstanding platform, which is constantly innovating to meet the market’s evolving needs.”

Good + West has recently broken ground on the venture’s first project, Perch Denton, a 195-Unit property to be delivered in 2023. Visit the new Perch website to learn more. 

Walker & Dunlop and its dedicated BFR & SFR Practice Group are strategically positioned across the business to finance and sell these specialty communities. Our national team provides expert guidance on property sales, debt origination, and the structuring of equity to generate optimal returns and strategic relationships for our clients. The team has closed over $1 billion in this burgeoning sector and is active with over fifty groups in the space, ranging from institutional clients, homebuilders, multifamily developers, and individual investors. For information on lending, capital brokerage, or investment sales opportunities, contact our SFR & BFR Group at To learn more about Walker & Dunlop’s view on the SFR and BFR market, download our whitepaper.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,400 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune’s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.


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