Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the construction completion of Perch Denton, a 195-unit, single-family build-for-rent community in the Dallas suburb of Denton, Texas.
Capital Square has partnered with Good + West Residential and Montgomery Street Partners (collectively, “Perch”) as co-developers on the project. Substantially all certificates of occupancy have been issued and nearly one-third of the homes are already occupied with strong leasing activity underway.
“Capital Square is a vertically integrated, national real estate firm built on three pillars: invest, build and manage,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Perch Denton is a part of Capital Square’s build strategy that gives the firm a competitive advantage by building our own investment properties for the various investment programs, DST, opportunity zone funds and the REIT.”
An abundance of retail, shopping and dining options can be found within a mile of the property, including the adjacent Rayzor Ranch Marketplace anchored by Walmart, Sam’s Club and H-E-B. Immediately to the south is Rayzor Ranch Town Center, which contains an array of fast-casual and sit-down dining options, including In-N-Out, Chipotle, Chili’s and more.
With direct access to Interstate 35 and University Drive, Denton’s primary east and west thoroughfares, residents of Perch Denton have direct access to downtown Denton, Frisco, McKinney, Dallas Fort Worth International Airport, Fort Worth and Dallas.
“Denton and its neighboring counties have experienced outsized population and job growth. Capital Square is pleased to help alleviate the shortage of quality housing with the delivery of 195 new single-family homes,” said Whitson Huffman, co-chief executive officer. “Leasing activity has been strong, and we are exceeding our projections for realized rents, underscoring our belief that the Dallas Metroplex is an ideal market for high-quality build-for-rent communities like Perch Denton.”
Capital Square formed a joint venture with Good + West Residential and Montgomery Street Partners to develop Perch Denton, which has been capitalized with funds raised from accredited investors in Capital Square Denton BFR, LLC, a private placement investment sponsored by Capital Square.
Since its founding in 2012, Capital Square has acquired 170 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation, along with opportunity zone funds and a real estate investment trust (REIT) that acquires rental housing in the Southeast and Texas.
