Capital Square a sponsor of tax-advantaged real estate investments, announced the launch of Capital Square Glendale BFR, LLC.
The limited liability company offering has been formed to raise approximately $49 million in equity from accredited investors to develop a 320-unit, build-for-rent single-family housing community in the Phoenix suburb of Glendale, Arizona. Capital Square has partnered with Sunstone Two Tree as co-developer of the project.
“Capital Square Glendale BFR is the next in a line of LLC offerings for investors seeking superior risk-adjusted returns from a real estate investment,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This is an exciting opportunity to invest in a high growth Southwest market with an experienced team of developers who are addressing the housing shortage by building much-needed single family homes for rent.”
Located along Loop 303, the 29-acre development will include a mix of 102 detached villas with three- and four-bedroom units averaging 1,655 square feet, and 218 townhomes with two- and three-bedroom units averaging 1,257 square feet. Property amenities will include a pool, spa, fitness center, pickleball courts, grilling pavilion, pocket parks, a dog run and a playground.
The property is located roughly four miles southeast of The Village at Prasada, an outdoor shopping center currently under construction, which will include a Sprouts Farmers Market, Ulta Beauty, TJ Maxx, Marshalls, PetSmart and other popular retail outlets. Residents will also have easy access to downtown Phoenix, Sky Harbor Airport and Luke Air Force Base. Adjacent to the property is Desert Diamond Casino, a $450 million, under-construction casino that is expected to be completed in 2024. The casino complex will employ approximately 1,300 people and feature a fine dining restaurant, food court, conference center and amphitheater.
Since its founding in 2012, Capital Square has acquired 171 real estate assets for over 6,000 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. The company has completed more than $7.5 billion in transaction volume.