Housing developer Capital Square has formed a new entity Capital Square Glendale BFR, LLC, through which it will co-develop a new Build-to-Rent community in the Phoenix suburb of Glendale, Ariz., alongside Sunstone Two Tree.
The 29-acre, 320-unit community will be situated along Loop 303 and will include a blend of 102 detached villas with three- and four-bedroom units averaging 1,655 square feet. Also featured will be 218 townhomes with two- and three-bedroom units averaging 1,257 square feet. Common-area amenities will include pickleball courts.
“Northern Parkway represents a fantastic opportunity for Capital Square to build a top-tier build-for-rent community in one of the nation’s best single-family rental markets,” Jon Trott, Capital Square managing director and co-head of private equity, told Multi-Housing News. “Phoenix, and in particular the market of Glendale, continue to experience rapid population and employment growth. Our community will cultivate an extraordinary living experience for residents and provide a housing solution to meet the area’s rapidly growing demand.”
The new Capital Square platform will seek to raise approximately $49 million in equity from accredited investors.
Recent growth
The new BTR community will be situated approximately four miles southeast of The Village at Prasada outdoor shopping center, now under development. The new retail center will feature a Sprouts Farmers market, Ulta Beauty, TJ Maxx, Marshalls and PetSmart, among other stores. Sky Harbor International Airport and Luke Air Force Base are also within diving distance.
There are a number of job centers nearby. The $450 million Desert Diamond Casino, slated for completion next year, is adjacent to the property. Expected to employ approximately 1,300 people, the complex will offer a fine dining restaurant, food court, amphitheater and conference center.
Another major employer is the $40 billion Taiwan Semiconductor Manufacturing Company production hub being constructed 40 minutes from the property.
That job center is anticipated to propel additional demand for quality housing. The Glendale industrial submarket features more than 16 million square feet of under-development logistics space. That includes a 4 million-square-foot logistics park that was recently approved for a site just north of the BTR community in Glendale. Several weeks ago, Capital Square broke ground on a new development in Knoxville, Tenn.
