Capital Square Fully Capitalizes Glendale Build-for-Rent Community, Highlighting Demand in Phoenix Area

Capital Square has achieved full capitalization for its Ironwood Homes at The Rosefield project, a 320-unit build-for-rent community in Glendale, Arizona, raising over $43 million in equity. This development, a collaboration with Sunstone Two Tree, includes 102 detached single-family homes and 218 townhomes, featuring amenities such as a pool, spa, and fitness center. Located near key attractions and infrastructure, the project taps into the surging demand for rental housing in Phoenix, where rent growth has increased by 30% since March 2020.

The strategic location of Ironwood Homes at The Rosefield offers residents access to The Village at Prasada shopping center, downtown Phoenix, Phoenix Sky Harbor International Airport, and Luke Air Force Base. The nearby Desert Diamond Casino, a $450 million facility completed in 2024, adds to the area's appeal. With approximately 10% of its units already delivered and leasing underway, the project is on track for completion by the third quarter of 2026.

Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square, highlighted the project's alignment with strong economic fundamentals and its potential to deliver value to investors. The Glendale industrial submarket's expansion, including 16.3 million square feet of logistics space under construction, further evidences the region's growth. This development not only addresses the critical need for high-quality rental housing but also reflects broader trends in the real estate market, where build-for-rent communities are becoming increasingly popular among investors and residents alike.