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Capital Square Acquires Land for Single-Family Build-For-Rent (BFR) Community Near Phoenix

October 5, 2023
Glendale BFR

PHOENIX (Oct. 5, 2023) – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today that the firm has closed on construction financing and the acquisition of 29 acres of land in the Phoenix suburb of Glendale, Arizona, for the development of Glendale BFR, a 320-unit build-for-rent (BFR) single-family housing community. Capital Square has partnered with Sunstone Two Tree as co-developer of the project. 

“Capital Square has searched the nation for top markets in which to develop new BFR communities,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “The Phoenix area checks all the boxes – 10th largest MSA in the nation, record setting job production and fourth highest rent growth in the nation over the past three years.”

Located at Northern Parkway and N. Sarival Avenue, the property will include a mix of 102 detached villas with three- and four-bedroom units averaging 1,655 square feet, as well as 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. Capital for the development is being raised through Capital Square Glendale BFR, LLC, a project-specific LLC offering that is open to accredited investors.

Approximately four miles southeast of the property is 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 casino under-construction expected to be completed in 2024. The casino complex will employ approximately 1,300 people who will need housing and will feature a fine dining restaurant, food court, conference center and amphitheater.

“Significant growth in the Greater Phoenix single-family rental market has left a shortage of high-quality single-family rental options in the area,” said Whitson Huffman, co-chief executive officer. “Capital Square Glendale BFR, LLC gives investors the perfect opportunity to invest with an experienced team of developers in this prominent Southwest market.” 

Phoenix is the 10th largest metropolitan statistical area in the U.S. with about five million residents1 and a top performing single-family rental investment market with rent growth of 30% since March 2020, the highest in the U.S.2 The Glendale industrial submarket has 16.3 million square feet of logistics space currently under construction, including a recently approved four million-square-foot logistics park along Loop 303 just north of the site in Glendale.3

Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent (“BFR”) strategy in high growth sunbelt markets.

Sources: 1. Census, 2022. | 2. John Burns, 2023. | 3. Phoenix Business Journal, 2022.

About Capital Square

Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region’s “Top Work Places.” To learn more, visit

Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative. Diversification does not guarantee profits or protect against losses.



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