Integrity Community Builders (ICB) and PCCP have launched a programmatic joint venture to develop build-to-rent (BTR) communities in the USA. This partnership combines ICB’s expertise in land acquisition, development, and construction from Houston with PCCP’s institutional investment competence. As co-investors, the partners intend to invest up to USD 200 million annually in BTR properties, which include detached houses, townhouses, and cottage-style rental properties. The investments are to be made in markets where ICB and its affiliated companies are already active.
Chad Durham, Vice President for BTR at ICB, stated that this undertaking allows the company to scale its build-to-rent platform with the right asset management partner. The common goal is to create thoughtfully designed rental communities in up to 19 markets. Jennifer Diaz, Partner and Head of Multifamily at PCCP, emphasised that the partnership reflects a strategic focus for PCCP: expansion into the BTR sector. She expressed pride in collaborating with ICB to develop high-quality build-to-rent communities in attractive growth markets.
Integrity Community Builders was founded in 2020 and has since completed 22 communities, with five more under construction. The company previously worked with PCCP as a general contractor, constructing several projects for PCCP. Durham explained that ICB, as a developer and contractor, had built a strong brand and reputation. However, to achieve the targeted growth of approximately 1,500 units per year, relying on other sponsors to provide projects or seeking sponsors for self-sourced projects was not sufficient. A strategic programmatic joint venture solution had therefore always been the objective.
Over a period of three to four years, ICB analysed supply and demand metrics in the markets it serves. In early 2025, the company began searching for a suitable partner and engaged Eastil Secured to represent it in a competitive selection process. Durham confirmed that there were many strong candidates, but PCCP proved to be the most logical partner due to its offering, market experience, and already managed projects. The existing relationship with PCCP was an additional advantage.
For PCCP, this transaction represents an expansion of its growing presence in the BTR segment. The company already owns Skymor Living, a national brand launched in 2020, and its portfolio now comprises 5,000 homes across 34 properties in 17 markets. Diaz highlighted that PCCP continues to believe in the BTR sector and the supporting demand trends driven by the lack of home affordability and demographic shifts. People are renting for longer, which increases the need for rental housing for older adults, younger families, and all ages in between, as conventional apartments are often not ideal. The opportunity to work with Chad Durham to expand the BTR platform was therefore very attractive. PCCP’s business model is based on forming joint ventures with strong partners, and the opportunity to enter a JV with such a reputable construction company was readily pursued.
In deploying capital for the JV, ICB, a wholly-owned subsidiary of David Weekley Homes, will focus on markets where the highest returns can be achieved and the supply-demand balance is optimal. Durham named several sub-regions in the four major Texan markets, as well as in Florida, the Carolinas, and potentially Atlanta, as particularly promising. He predicts that these markets will become even more attractive over the next two years, and Phoenix could also see positive developments in the next eighteen months. The partnership has a three-year investment phase, commencing with the financing of the first project. Currently, four projects are in the JV pipeline and are actively undergoing approval procedures.
The establishment of the JV follows a several-month capital freeze in the BTR sector, caused by legislative debates over the federal 21st Century ROAD to Housing Act, which ultimately removed the requirement to sell single-family BTR homes within seven years. The ROAD to Housing Act came into effect last month. Diaz noted that the market is being revitalised after a three-month hiatus due to federal legislation, and transactions are being successfully concluded. Much of the uncertainty has been removed, and investors are active again, believing in the sector's potential.
