West Bench Capital Presents:
Mountain West Housing Partners Fund I
24% target returns building Boise's missing middle
West Bench Capital is building attainable, high-quality housing for middle-income families in the Boise metro — and delivering exceptional returns for accredited investors who join us.
282+ Units in Active Pipeline
$100k Minimum Investment
24% Target APY to Investors
4 Year Fund Term
Why This Fund Exists
Boise Is Growing. Housing Isn't Keeping Up.
Between 2012 and 2022, the Boise metropolitan area added 250,000 new residents — making it one of the fastest-growing metros in the United States. The result: a housing market under severe stress.
The median single-family home in the Boise metro now sits at $545,000. Rental vacancy has stayed below 3% for nearly a decade. In 2025, Boise was named one of the least affordable housing markets in the country — a city where teachers, tradespeople, and young families can no longer afford to live.
The next generation of Treasure Valley residents is running out of options. We're building them.
FUND TARGET: $20M
Estimated Units Built: 420
Vertically Integrated Home Building. Built for the Missing Middle.
West Bench Capital targets the most underserved segment of the Boise housing market: 10–100 unit infill and middle-income developments that are too complex for individual investors and too small for institutional capital.
This isn't passive speculation. We control every stage of the value chain — from land acquisition and entitlement through design, financing, construction, and sales — giving us the ability to engineer returns that purely passive vehicles can't replicate.
Our Competitive Advantage
A Structural Opportunity That Other Developers Can't Touch.
The Treasure Valley is experiencing one of the strongest long-term housing demand curves in the Mountain West. Driven by steady in-migration, rising household formation, and a persistent shortage of attainable homes, demand shows no signs of softening.
Large developers focus on big suburban subdivisions or high-end multifamily. Small investors can't navigate complex infill entitlements. Institutional capital won't write small checks.
That leaves the 10–60 unit infill and middle-income housing space — our lane — almost entirely uncontested. Real pricing inefficiency. Real opportunity.
West Bench Capital wins by doing what others won't:
- Unlocking density through zoning and creative design
- Orchestrating public approvals faster than competitors
- Solving site constraints with smart engineering
- Keeping construction scopes tight, efficient, and on-budget
- Deep local relationships with city planners, brokers, and lenders built over decades.
"We don't chase shiny objects in markets we can't drive by. We invest where we have deep relationships, local knowledge, and a clear read on demand."
Clear Structure. Investor-First Returns.
Mountain West Housing Partners Fund I
We've designed a fund that aligns our interests with yours: our GP team earns when you earn. Below are the key terms for Fund I.
Past performance is not indicative of future results. Target returns are projections only and are not guaranteed. This content is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security. Refer to the Private Placement Memorandum and all offering documents for complete information.
| Fund Name | Mountain West Housing Partners Fund I |
|---|---|
| General Partners | SCDM Development LLC · CHSM Holdings LLC · Perryman Construction Management LLC |
| Fund Size | Up to 99 accredited investors |
| Minimum Investment | $100,000 |
| Target Return | 24% APY to investors |
| Preferential Return | 10% |
| Carried Interest | 30% |
| Management Fee | 1.5% AUM annually |
| Fund Term | 4 years (1-year developer option to extend) |
| Commitment Period | 2-year hold, 90-day replacement (up to $500k) |
| Offering Period | March 31, 2026 – March 30, 2027 |
KELLY PERRYMAN
Partner, CDO, Construction Management & Development
Kelly's career began from the ground up — 11 years as a finish carpenter before founding PCM Construction and delivering 6,000+ apartment units across Idaho. PCM is one of the most respected multifamily builders in the Treasure Valley. As a GP on 7 development deals averaging 12+% annual returns, Kelly's active pipeline spans 726+ units.
30+
Years in Construction
6000+
Housing Units Built
726
Units in Active Pipeline
CHRIS WOLFORD
Partner, COO, Deal Acquisition and Management
Founder of Green Pine Homes — one of Boise's top-ranked real estate teams — Chris brings 500+ transactions and $125M+ in volume to West Bench's deal pipeline. His 8+ years of daily Treasure Valley market presence means he spots the right opportunities before they're obvious to anyone else. Before real estate, Chris served 20 years in the U.S. Air Force and Air National Guard, building the operational discipline that now drives deal acquisition, project management, and execution.
300+
Real Estate Transactions
$125M
Transaction Volume
20 yrs
U.S. Military Service
ROBERT FRAZIER
CEO & Fund Manager
A Boise native with 21 years across investments, securities, and fund management — including running a high-performing mutual fund and building multiple businesses from the ground up. Robert has completed 50+ real estate investment transactions and brings financial rigor, city relationships, and community accountability to every West Bench project.
50+
Investment Transactions
110
Units In Development
21 yrs
Finance Career
Active Projects
A Look at The First Projects
Mountain West Housing Partners Fund I targets four projects totaling 282+ units across Southwest Boise — each selected for strong absorption, below-market land costs, and near-term construction timelines.
3 of these projects are under contract and one is in negotiation over price and terms.
203 Unit Fully Entitled Multifamily
Fully entitled, infrastructure aligned 203 unit multifamily phase within The Charles at Karcher, Master Planned development.
Expected cost of $20k per door
Estimated Profit per unit at 5.5 Cap $55,000
Expected tax depreciation:
-2028: 60% of invested dollars
-2029: 80% of invested dollars
-2030: 65% of invested dollars
20 Unit Townhomes in Southwest Boise
24 Attached Single Family Units · Southwest Boise Infill
Southwest Boise's new zoning code, openness to annexation, and upcoming transportation projects make this corridor highly attractive to young families. With rising home prices pushing detached single-family out of reach, attached single-family dwellings will be the go-to option for household formation and starter homes in this area. Maple Grove delivers infill-priced housing in one of Boise's fastest-maturing growth corridors.
24 units estimated
12 months to break ground
2–3 year hold
Horizontal and vertical approved
Preferred lender for rate buy-downs
65–70% LTC leverage
2–3 year Hold
$163,000 Est. Profit per unit
4 unit infill neighborhood
4 sfh Units · 10 Minutes from Downtown Boise
Finding a 1-acre parcel inside Boise for under $1M is nearly impossible today. Our acquisition team identified this property — an existing home on a full acre — for just $300,000. After plat approval, the existing house sells for $425,000, effectively covering the entire land and soft cost basis for the remaining 3 lots. This is one of the highest per-unit profit opportunities in our current pipeline.
Hold 12-18 mo.
$222,000 Est Profit Per Unit
55 Unit Mixed Use Infill West Boise
55 Units · Mixed-Use Condo & Townhomes · West Bench, Boise
The Elsbeth West Bench Residences is a mixed-use condo and townhome development in one of Boise's most centrally located and rapidly densifying neighborhoods. Phase 1 is already under construction; phases 2 & 3 are ready for design review. Fully entitled. Phase 1 delivers in 6 months; phases 2 & 3 by early 2028. The project includes a neighborhood café and community services component — building long-term neighborhood value alongside residential returns.
Hold 2-3 years
Est Profit/Unit $163,000
The Investment Process
Step 1 — Verify Accreditation
Step 2 — Review the PPM
Step 3 — Execute Subscription Documents
Step 4 — Capital Call
*All offers and sales of any securities will be made only to Accredited Investors, which for natural persons, are investors who meet certain minimum annual income or net worth thresholds or hold certain SEC approved certifications. Any securities that are offered, are offered in reliance on certain exemptions from the registration requirements of the Securities Act of 1933 (primarily Rule 506C of Regulation D and/or Section 4(a)(2) of the Act) and are not required to comply with specific disclosure requirements that apply to registrations under the Act.
The SEC has not passed upon the merits of, or given its approval to any securities offered by West Bench Capital, the terms of the offering, or the accuracy of completeness of any offering materials. Any securities that are offered by West Bench Capital are subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell any securities offered by West Bench Capital.
Investing in securities involves risk, and investors should be able to bear the loss of their investment. Any securities offered by West Bench Capital are not subject to the protections of the Investment Company Act.
Any performance data shared by West Bench Capital represents past performance and past performance does not guarantee future results. Neither West Bench Capital nor any of its funds are required by law to follow any standard methodology when calculating and representing performance data and the performance of any such funds may not be directly comparable to the performance of other private or registered funds.
SEC DISCLAIMER NOTE
Any material difference between this website and the Private Placement Memorandum or offering documents is inadvertent. Refer to all offering documents for correct data, numbers, and information.