Rice Pegher

Name: Rice Pegher
Address: Pittsburgh, PA, US
Telephone: +14124099021

A real estate investment group focused on scalable multi-family and commercial projects.

07/24/2026

Eric out at 𝗕𝗿𝗼𝗼𝗸𝘀𝗶𝗱𝗲 𝗖𝗼𝗺𝗺𝗼𝗻𝘀 this week, walking through the landscaping plan.

Mulch bed lines going down, material timing, and the vision for the exterior.

The little things are what make a property feel like a place people actually want to live.

Can't wait to see it come to life!

07/22/2026

Meet the Team: Janet Devlin

Janet is the Accounting Manager at Rice Pegher, and she's the person who runs the financial backbone we've been writing about.

In a given week, Janet is closing the books on the prior month, reconciling vendor payments, preparing financial statements, supporting LP reporting, and getting ahead of the K-1 calendar months before tax season. The often unseen, yet crucial, deadline-driven work that enables our business to function.

Janet brings over 30 years of accounting experience to the firm, along with awards of distinction from her previous work. She recently earned her Notary license, which is a huge benefit for the org.

We're fortunate to have her here, thanks Janet!

07/08/2026

Where Rice Pegher is sourcing right now, straight from Eric.
Essentially two playbooks:

- Physical value-add stays close (Western PA, heavy CapX, low basis). Running at Brookside and Virginia Junction now.
- Operational value-add travels further (newer construction, well-maintained, under-optimized on operations).

The trend we’re watching hardest right now is in Central and Eastern Ohio, family-built properties from the 70s-90s hitting the market as owner-operators age out. 100% occupancy, rents below market, structural maintenance current. Purely operational upside.

Also watching Western PA tertiary in the pathway of growth. 🤝

marketupdate

07/07/2026

✨ 𝗧𝗲𝗿𝗺 𝗼𝗳 𝘁𝗵𝗲 𝗗𝗮𝘆: 𝗧𝗲𝗿𝘁𝗶𝗮𝗿𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 ✨

Tertiary Markets are smaller cities and submarkets, less institutional competition, more attractive cap rates, lower entry bases

Conventional wisdom says tertiary carries more risk. Less liquidity, less institutional interest. But we see it differently...

The right tertiary market (stable or growing population, diversified employers, major corridors of travel) gives us as a hands-on operator an edge, and less competition from institutional or national capital.

Tomorrow Eric walks through what we're finding right now, in Western PA and Eastern Ohio 🤝

07/01/2026

🚀 𝗦𝗽𝗼𝘁𝗹𝗶𝗴𝗵𝘁: 𝗧𝗵𝗲 𝗧𝗿𝗮𝗱𝗲 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀 𝗕𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝗕𝘂𝗶𝗹𝗱

Across 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮 𝗝𝘂𝗻𝗰𝘁𝗶𝗼𝗻 and 𝗕𝗿𝗼𝗼𝗸𝘀𝗶𝗱𝗲 𝗖𝗼𝗺𝗺𝗼𝗻𝘀, we work with trade partners on demolition, landscaping, interior unit turns, common area refreshes, exterior improvements, mechanical systems, and just about every line item in a CapX plan. Some are specialists, and some, like (a GC we partner with on both projects), cover broad scope across phases.

What we look for in a trade partner:
✅ Willingness to sit at the table in pre-construction, lay out the scope, get organized before crews show up
✅ Detailed, defensible pricing that lets us plan and lets them deliver
✅ Field problem-solving when the unexpected happens (and it always does)
✅ Honest communication with Ben and the construction team, weekly, no surprises in the invoice
✅ Above all: mutual trust and respect

The right trade partners are why our CapX plans hit on time and on budget. The wrong ones are how a value-add deal goes sideways. We're lucky to work with people who get it 🤝

06/30/2026

This week Pittsburgh hosts the final full stop on a journey one American Flag has taken across the world and all 50 states.

The National Flag Foundation's 𝗦𝗼𝗷𝗼𝘂𝗿𝗻 𝟮𝟱𝟬 culminates here July 1-4 with 13 community gatherings, before the American Legion Riders carry the Flag to Washington, D.C. for the nation's 250th.

Pittsburgh's story is America's story. The workers, families, and communities along the route are the ones we get to build for every day - Happy 250th on July 4th 🇺🇲 🎇 🤝

Check out the route here: https://nationalflagfoundation.org/pa/

06/26/2026

Meet the Team: David Cutone

David is the Regional Property Manager at 𝗥𝗲𝗹𝗶 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁, and the person responsible for developing the property management and lease-up playbook we walked you through this week.

In a given week, David is overseeing the Reli Property Management team to ensure daily operations across our residential and commercial portfolio are running smoothly: tenant satisfaction, maintenance and repairs, financial performance, and the lease-up strategy that took 𝗣𝗶𝗸𝗲 𝗣𝗹𝗮𝗰𝗲 to stabilization 7 months ahead of underwriting and is now running at 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮 𝗝𝘂𝗻𝗰𝘁𝗶𝗼𝗻 and 𝗕𝗿𝗼𝗼𝗸𝘀𝗶𝗱𝗲 𝗖𝗼𝗺𝗺𝗼𝗻𝘀.

David joined Reli in January 2025 and brought 7.5 years of Director of Operations experience, running up to 21 properties and 3,800 units at any given time. The strategy, process discipline, and operating insights he carried into Reli have shaped the playbook we run today.

This week's content is essentially David's playbook in action. 🤝

06/24/2026

𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗦𝗽𝗼𝘁𝗹𝗶𝗴𝗵𝘁: 𝗣𝗶𝗸𝗲 𝗣𝗹𝗮𝗰𝗲 𝗟𝗲𝗮𝘀𝗲-𝗨𝗽 𝗥𝗲𝘁𝗿𝗼𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲

18 months ago 𝗣𝗶𝗸𝗲 𝗣𝗹𝗮𝗰𝗲 was finishing renovation and starting lease-up. We projected 12 months to stabilization. We hit it in 5.

The Q1 2026 numbers refresh the story:
- 𝟵𝟳% occupied, stabilized 7 months ahead of underwriting
- Rents holding at or above pro forma
- 𝟲𝟴% of LP capital already returned, 𝟭𝟱 𝗺𝗼𝗻𝘁𝗵𝘀 𝗮𝗵𝗲𝗮𝗱

What worked, that we're actively applying to 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮 𝗝𝘂𝗻𝗰𝘁𝗶𝗼𝗻 and 𝗕𝗿𝗼𝗼𝗸𝘀𝗶𝗱𝗲 𝗖𝗼𝗺𝗺𝗼𝗻𝘀 right now:
- Marketing in-market before the first updated unit was finished, not after
- On-site leasing presence from week one of move-ins
- Tight handoff between construction and leasing so the first impression of a finished unit was always intentional

Pike Place represents our playbook in one project: acquire below replacement cost, execute a disciplined CapX plan, run lease-up with the same operational rigor as construction, deliver to the workforce demand that's been there the whole time.

This is what we mean by 𝗦𝗰𝗮𝗹𝗶𝗻𝗴 𝗧𝗿𝘂𝘀𝘁 𝗮𝗻𝗱 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝗶𝗲𝘀. 🤝

06/23/2026

Want to know what it takes to successfully lease up a property? 🏢📈

Here is CJ's breakdown of the Reli Property Management lease-up playbook. Cj shares the strategies, insights, and steps that help turn vacancies into thriving communities!

06/19/2026

Meet the Team: Michelle Baughman

Michelle is the On-Site Property Manager at 𝗥𝗲𝗹𝗶 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 for 𝗕𝗿𝗼𝗼𝗸𝘀𝗶𝗱𝗲 𝗖𝗼𝗺𝗺𝗼𝗻𝘀, the 102-unit Meadville redevelopment we walked you through on Wednesday.

In a given week, Michelle is on-site leasing new units and managing renewals, handling tenant relations, running day-to-day operations, collaborating with our Senior Maintenance Technician, and serving as the liaison between our construction team and the on-site subcontractors executing the CapX plan. She also transitioned the property from previous ownership when we acquired it, which is the unglamorous work that quietly determines whether the next year goes well.

Michelle is a seasoned property manager out of the Erie, PA region with an entrepreneurial streak. She runs a successful cleaning company on the side that operates independently of her day-to-day work at Reli. That entrepreneurial wiring is exactly the energy we want running our properties.
Glad to have you on the team, Michelle. 🤝

Address

Pittsburgh, PA

Telephone

+14124099021

Website

https://ricepeghercapital.com/

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