9 hours ago
55
Capital Square, 1 of the nation’s starring sponsors of tax-advantaged existent property investments and an progressive developer and manager of lodging communities, announced that its offering, Capital Square Glendale BFR, LLC, has been afloat capitalized. The Regulation D backstage placement, consisting of a 320-unit build-for-rent assemblage successful Glendale, Arizona, raised implicit $43 cardinal successful equity from investors. Capital Square has partnered with Sunstone Two Tree arsenic co-developer of the project, which volition go Ironwood Homes astatine The Rosefield upon completion.
“This is different palmy build-for-rent task by Capital Square,” said Louis Rogers, laminitis and co-chief enforcement serviceman of Capital Square. “This exceptional BFR assemblage has been partially delivered with last completion expected nether fund and connected time.”
Located astatine the southeast country of Northern Parkway and N. Sarival Avenue, Ironwood Homes astatine The Rosefield volition see 102 detached single-family homes, averaging 1,655 quadrate feet, and 218 townhomes, averaging 1,257 quadrate feet. Each home’s plan features 2 stories, nonstop store entree and a backstage yard. Community amenities volition see a pool, spa, fittingness center, parks, BBQs, gated entry, and sports courts.
While operation is expected to beryllium completed during the 3rd 4th of 2026, astir 10% of the project’s units person precocious been delivered. Leasing and archetypal move-ins are underway.
Approximately 4 miles southeast of Ironwood Homes astatine The Rosefield is The Village astatine Prasada, an outdoor buying halfway with a Sprouts Farmers Market, Ulta Beauty, TJ Maxx, Marshalls, PetSmart, and different fashionable retail outlets. Residents volition besides person casual entree to downtown Phoenix, Phoenix Sky Harbor International Airport, and Luke Air Force Base. Adjacent to the spot is Desert Diamond Casino, a $450 cardinal installation completed successful 2024 that features a good eating restaurant, nutrient court, league center, and amphitheater.
“The occurrence of this offering underscores the increasing request for well-designed, build-for-rent communities successful premier locations similar Glendale,” said Whitson Huffman, co-chief enforcement serviceman and main concern serviceman of Capital Square. “With beardown economical fundamentals and a strategical concern with Sunstone Two Tree, this improvement is poised to supply high-quality lodging portion delivering worth to our investors.”
Phoenix is the 10th largest metropolitan statistical country successful the U.S., with astir 5 cardinal residents. This is simply a apical performing single-family rental concern marketplace with rent maturation of 30% since March 2020, the highest successful the U.S. The Glendale concern submarket has 16.3 cardinal quadrate feet of logistics abstraction presently nether construction, including a precocious approved 4 million-square-foot logistics parkland on Loop 303 conscionable northbound of the tract successful Glendale.
The station Glendale Build-to-Rent Project Fully Capitalized with $43M successful Funding appeared archetypal connected Greater Phoenix In Business Magazine.
