Peak Capital Partners today announced it was named the No. 6 “Fastest Growing Company” in Utah by MountainWest Capital Network, a nonprofit group whose mission is centered in fostering capital development and business growth in Utah.
The announcement was made at the Grand America Hotel in downtown Salt Lake City at the 19th annual Utah 100 Awards event, which recognizes Utah’s 100 fastest growing companies. The rankings were determined by the percentage of revenue increase from 2008 through 2012.
Jeff Burningham, Jeff Danley and Jamie Dunn founded Peak Capital Partners, a private equity firm that owns and manages conventional, student and affordable apartment communities across the United States. Peak Capital Partners’ total asset portfolio is valued at nearly $500 million.
“Peak has witnessed remarkable revenue growth,” said Jeff Burningham, founder and managing partner. “Our revenues have more than doubled in the past two years. We recently acquired apartment communities in North Carolina, New Mexico and Colorado. In the coming months, Peak will acquire several additional apartment communities across the country representing more than 3,000 new units and $150 million in additional asset value. To be recognized as one of Utah’s top 10 fastest growing companies is an honor.”
With stricter mortgage lending standards and uncertainty clouding the housing market, more people are choosing to live in rentals. In fact, homeownership rates nationally recently dropped to an 18-year low. At 65.1 percent, it's the lowest rate since the fourth quarter of 1995, according to the Commerce Department.
In addition to its acquisitions, Peak developed and oversaw construction of The Village at South Campus in Provo, one of Utah’s largest apartment communities. The Village at South Campus opened in 2012 and is home to nearly 1,000 BYU students. The development was recognized this year as the No. 1 “Multifamily/Hospitality Project of the Year” by the Associated General Contractors of Utah and was listed as a “Business Excellence Awards” finalist by the CCIM Institute (Certified Commercial Investment Member).