Capital Square Completes Funding for Glendale Build-For-Rent Community
Capital Square's successful capitalization of a 320-unit build-for-rent community in Glendale, Arizona, highlights the growing demand for single-family rental homes in prime locations.
Capital Square has announced the full capitalization of its offering, Capital Square Glendale BFR, LLC, marking a significant milestone in the development of a 320-unit build-for-rent community in Glendale, Arizona. The project, which raised over $43 million in equity from investors, is a collaboration with Sunstone Two Tree and is set to become Ironwood Homes at The Rosefield upon completion.
Louis Rogers, founder and co-chief executive officer of Capital Square, highlighted the project's success, noting its expected completion under budget and on time. The community will feature 102 detached single-family homes and 218 townhomes, each designed with two stories, direct garage access, and a private yard. Amenities will include a pool, spa, fitness center, and sports courts, among others.
Located near The Village at Prasada shopping center and with easy access to downtown Phoenix and major transportation hubs, the development is strategically positioned to meet the needs of residents. Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square, emphasized the project's potential to deliver high-quality housing and value to investors, reflecting the strong demand for build-for-rent communities in thriving markets like Glendale.
The Phoenix metropolitan area, ranking as the 10th largest in the U.S., has seen a 30% rent growth since March 2020, underscoring the market's appeal for single-family rental investments. With significant industrial development underway in the Glendale submarket, the project is poised to benefit from the area's robust economic fundamentals.