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 that its offering, Capital Square Glendale BFR, LLC, has been fully capitalized.
The Regulation D private placement, consisting of a 320-unit build-for-rent community in Glendale, Arizona, raised over $43 million in equity from investors. Capital Square has partnered with Sunstone Two Tree as co-developer of the project, which will become Ironwood Homes at The Rosefield upon completion.
“This is another successful build-for-rent project by Capital Square,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This exceptional BFR community has been partially delivered with final completion expected under budget and on time.”
Located at the southeast corner of Northern Parkway and N. Sarival Avenue, Ironwood Homes at The Rosefield will include 102 detached single-family homes, averaging 1,655 square feet, and 218 townhomes, averaging 1,257 square feet. Each home’s design features two stories, direct garage access and a private yard. Community amenities will include a pool, spa, fitness center, parks, BBQs, gated entry, and sports courts.
Approximately four miles southeast of Ironwood Homes at The Rosefield is The Village at Prasada, an outdoor shopping center with a Sprouts Farmers Market, Ulta Beauty, TJ Maxx, Marshalls, PetSmart, and other popular retail outlets. Residents will also have easy access to downtown Phoenix, Phoenix Sky Harbor International Airport, and Luke Air Force Base. Adjacent to the property is Desert Diamond Casino, a $450 million facility completed in 2024 that features a fine dining restaurant, food court, conference center, and amphitheater.
“The success of this offering underscores the growing demand for well-designed, build-for-rent communities in prime locations like Glendale,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “With strong economic fundamentals and a strategic partnership with Sunstone Two Tree, this development is poised to provide high-quality housing while delivering value to our investors.”
Phoenix is the 10th largest metropolitan statistical area in the U.S., with about five million residents.1 This is 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
Sources: 1. Census, 2022. | 2. John Burns, 2023. | 3. Phoenix Business Journal, 2022.
