Groundbreaking Build-for-Rent Community Set to Redefine Multifamily Living in Glendale, Arizona
This week in multifamily real estate news, we address an exciting development heralding a new era of multifamily living in Phoenix, AZ. National heavyweights in real estate, Capital Square, and Sunstone Two Tree, announced the groundbreaking of their latest venture – a fresh build-for-rent community in Glendale, Arizona, fondly christened Ironwood Homes at Rosefield.
Occupying a sprawling 29-acre lot in the charming suburb of Phoenix, the Ironwood Homes development envisages 320 single-family rental homes meticulously designed to blend the perks of single-family living – larger units, dedicated parking, and private yards, with the convenience and flexibility of renting. Projected to open in summer 2025, this community promises an array of enticing amenities while delivering high living standards within the metropolitan locale of Glendale.
The burgeoning market of the Southwestern region, specifically Glendale, drew the interest of these organizations. As Louis Rogers, founder and co-CEO of Capital Square noted, the area has seen remarkable economic growth with escalating rent rates over recent years, dovetailed with a single-family homes shortage, making this a uniquely favorable investment opportunity.
With a primary funding from proceeds raised via Capital Square Glendale BFR, LLC, the Ironwood Homes at Rosefield project is expected to gain heavily from the approximately $49 million in equity currently being rallied from accredited investors.
Guarding the Southeast corner of Northern Parkway and N. Sarival Avenue, the soon-to-be thriving community of Ironwood Homes, will comprise 102 detached single-family homes and 218 townhomes. Envisioning a community where aesthetics and utility coexist, the homes will feature well-designed two-story structures, with direct garage access and private yards.
Residents can anticipate a bevy of amenities including a pool, spa, fitness center, parks, BBQs, gated entry, and sports courts. A nod to convenience, the local proximity to downtown Phoenix, Sky Harbor Airport, freeways, shopping centers, and schools will add to the attractiveness of these residences. Additionally, entertainment facets like The Village at Prasada, an avant-garde outdoor shopping center and the in-the-works Desert Diamond Casino, lie within easy reach.
Scott Maddux, President of Sunstone Two Tree expressed his optimism regarding the project’s compelling value proposition, especially in the light of escalating interest rates that have dampened the homeownership dreams of many. His confidence is echoed by his sentiment towards their partnership with Capital Square, whose proven excellence in real estate brings an enriched dynamism to this venture.
By addressing the acute shortage of high-quality single-family rental options and keeping pace with the skyrocketing population growth in Phoenix, this singular venture promises multifamily investors an alluring prospect. With an experienced development team at the helm, this endeavor not only provides a high-growth market expansion opportunity, but paves a path in mitigating the pressing single-family rental housing shortages.