Capital Square Completes Funding for Glendale Build-For-Rent Community

Capital Square, a prominent sponsor of tax-advantaged real estate investments, announced the successful capitalization of its offering, Capital Square Glendale BFR, LLC. This Regulation D private placement has raised over $43 million in equity for a 320-unit build-for-rent community in Glendale, Arizona, in partnership with Sunstone Two Tree. The development, named Ironwood Homes at The Rosefield, is set to include 102 detached single-family homes and 218 townhomes, featuring modern amenities and strategic location benefits.

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, located at the southeast corner of Northern Parkway and N. Sarival Avenue, offers residents a blend of luxury and convenience, with amenities such as a pool, fitness center, and sports courts. Approximately 10% of the units have already been delivered, with leasing and initial move-ins currently underway.

The strategic location of Ironwood Homes at The Rosefield provides residents with easy access to The Village at Prasada shopping center, downtown Phoenix, Phoenix Sky Harbor International Airport, and Luke Air Force Base. Adjacent to the property is the Desert Diamond Casino, a $450 million facility that enhances the area's appeal. Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square, emphasized the project's alignment with the strong demand for high-quality rental housing in Glendale, a market experiencing significant rent growth and industrial development.

Phoenix's status as the 10th largest metropolitan statistical area in the U.S., coupled with a 30% rent growth since March 2020, underscores the potential of the Glendale build-for-rent community. The area's industrial submarket is also booming, with 16.3 million square feet of logistics space under construction, signaling robust economic fundamentals that support the project's success and its value to investors.