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Capital Square Partners with ITOCHU Corp. to Acquire BFR Community

Capital Square Partners with ITOCHU Corp. to Acquire BFR Community. 1031 Exchange, alternative investments, BFR, build for rent, Capital Square, Delaware statutory trust, DST, opportunity zone, private placement, real estate, real estate assets, real estate investment, real estate investment trust, Reg D, Regulation D, REIT
Capital Square Partners with ITOCHU Corp. to Acquire BFR Community. 1031 Exchange, alternative investments, BFR, build for rent, Capital Square, Delaware statutory trust, DST, opportunity zone, private placement, real estate, real estate assets, real estate investment, real estate investment trust, Reg D, Regulation D, REIT

Capital Square, a sponsor of tax-advantaged real estate investments and developer of multifamily communities, announced the formation of a joint venture partnership with ITOCHU Corporation to acquire Creekside Terrace, a 100-unit build-for-rent single-family community currently being developed by Pulte Homes.

ITOCHU Corporation is one of the largest Japanese sogo shoshaa, or general trading and investment companies, founded in Japan in 1858. According to the 2023 Fortune Global 500 list, ITOCHU is the 96th largest company in the world, with annual revenue in excess of $103 billion.

“Capital Square is thrilled to partner with one of the largest corporations in the world to acquire Creekside Terrace, a build-for-rent community near San Antonio, Texas,” said Louis Rogers, founder and co-chief executive officer of Capital Square.

Creekside Terrace is a 100-unit purpose-built single-family BFR rental community, located just minutes from Interstate 35. Part of an exceptional master-planned development of new homes, the community features a pool, pavilion and park with convenient access to nearby shopping and dining.

These three- and four-bedroom, open-concept homes offer upscale interiors and contemporary amenities for growing families in the burgeoning New Braunfels, San Antonio area. The community will provide a high-quality rental housing option to the almost 19,000 new residents who moved to San Antonio last year.

“Capital Square continues to invest in the acquisition and development of build-for-rent communities throughout Texas and the Sunbelt,” said Dave Platter, managing director and co-head of private equity at Capital Square. “As a firm, we continue to source opportunities in the I-35 corridor between Austin and San Antonio. We believe Creekside Terrace will present a welcoming community for young families looking for the benefits of single-family living without the high costs and headaches associated with homeownership today.”

Capital Square says the U.S. has chronically underbuilt housing since the Great Financial Crisis and requires an additional 4.3 million housing units by 2035 to meet the demand for rental housing, according to the National Multifamily Housing Council.

“We are pleased to partner with Capital Square on Creekside Terrace and look forward to working with Capital Square on future acquisitions,” said Hideyuki Matsukawa, senior vice president and general manager of general product and realty division at ITOCHU International Inc.

Since its founding in 2012, Capital Square has reportedly raised more than $3 billion in equity from investors for its various real estate investment offerings, primarily Delaware statutory trust offerings employed to facilitate tax-advantaged 1031 exchanges and qualified opportunity zone funds.

For more Capital Square news, please visit their directory page.