Capital Square Acquires Build-For-Rent Community in North Carolina
Capital Square, a sponsor of tax-advantaged real estate investments, announced the acquisition of Ashford Townes, a 74-unit newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina.
The community was acquired on behalf of CS1031 Ashford Townes BFR Housing DST, which seeks to raise $13.7 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“With a housing shortage of over four million units, Capital Square believes build-for-rent (BFR) housing solutions provide the U.S. with a vital supply of new housing stock,” Louis Rogers, founder and chief executive officer, said. “These professionally managed and highly amenitized communities are desirable for providing the benefits of single-family living without the associated costs of ownership. Our BFR strategy is complementary with the existing multifamily business — Capital Square will continue to thoughtfully acquire and develop multifamily communities throughout the Southeast and Texas in the years to come.”
Located at 604 Oakbrook Pass Way, construction of Ashford Townes was completed in February 2022. Developed by D.R. Horton, the nation’s largest homebuilder by volume, the modern units boast three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Capital Square says Ashford Townes is one of just five single-family or townhome purpose-built rental communities currently available within the Greater Raleigh area. The property is approximately 30 minutes south of Research Triangle Park, the largest research park in the U.S. It’s 7,000 acres offers residents a five-minute drive to local retailers, restaurants, breweries, fitness centers and schools.
“The Research Triangle region welcomed more than 900,000 new residents between 2000 and 2017, and a declining inventory of high-quality land sites, competition from multifamily developers and supply chain disruptions have resulted in limited deliveries of rental communities to the region,” Whitson Huffman, co-chief executive officer, said. “Ashford Townes offers a convenient, reliable and spacious housing option amidst the least affordable single-family for-sale market that the Raleigh area has experienced in decades.”
Since its founding in 2012, Capital Square has completed more than $7.5 billion in transaction volume.
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