Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of housing communities, announced today the launch of Capital Square Glendale BFR, LLC. The LLC offering has been formed to raise approximately $49 million in equity from accredited investors to develop a 320-unit, build-for-rent single-family housing community in the Phoenix suburb of Glendale, Arizona. Capital Square has partnered with Sunstone Two Tree as co-developer of the project.
“Capital Square Glendale BFR is the next in a line of LLC offerings for investors seeking superior risk-adjusted returns from a real estate investment,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This is an exciting opportunity to invest in a high growth Southwest market with an experienced team of developers who are addressing the housing shortage by building much-needed single family homes for rent.”
Located along Loop 303, the 29-acre development will include a mix of 102 detached villas with three- and four-bedroom units averaging 1,655 square feet, and 218 townhomes with two- and three-bedroom units averaging 1,257 square feet. Property amenities will include a pool, spa, fitness center, pickleball courts, grilling pavilion, pocket parks, a dog run and a playground.
The property is located roughly four miles southeast of The Village at Prasada, an outdoor shopping center currently under construction, which will include a Sprouts Farmers Market, Ulta Beauty, TJ Maxx, Marshalls, PetSmart and other popular retail outlets. Residents will also have easy access to downtown Phoenix, Sky Harbor Airport and Luke Air Force Base. Adjacent to the property is Desert Diamond Casino, a $450 million, under-construction casino that is expected to be completed in 2024. The casino complex will employ approximately 1,300 people and feature a fine dining restaurant, food court, conference center and amphitheater.
“The Greater Phoenix single-family rental market has experienced significant growth in recent years. The influx of new employees from the rapidly developing community, including the $40 billion Taiwan Semiconductor Manufacturing Company production hub currently under development 40 minutes from the property, will further drive demand for quality housing options,” said Whitson Huffman, co-chief executive officer.
Phoenix is the 10th largest metropolitan statistical area in the U.S. with about five million residents1 and a top performing single-family rental investment market with rent growth of 30% since March 2020, the highest in the U.S.2 The Glendale industrial submarket has 16.3 million square feet of logistics space currently under construction, including a recently approved four million-square-foot logistics park along Loop 303 just north of the site in Glendale.3
Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent (“BFR”) strategy in high growth sunbelt markets.
( This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.prnewswire.com/news-releases/capital-square-launches-llc-offering-to-fund-development-of-single-family-build-for-rent-bfr-community-near-phoenix-301888874.html#:~:text=The%20LLC%20offering%20has%20been,co%2Ddeveloper%20of%20the%20project.)