PHOENIX, AZ – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, and Sunstone Two Tree, a developer and operator of rental housing communities in high-growth markets throughout the United States, announced that they have broken ground on a new build-for-rent community in Glendale, Arizona.
The 29-acre lot in the Phoenix suburb will become Ironwood Homes at Rosefield and feature 320 single-family rental homes and plenty of amenities. The new build-for-rent community promises to combine many of the benefits of single-family living – larger units, dedicated parking and private yards – with the advantages and convenience of renting. The property is projected to open later summer 2025.
“Capital Square is pleased to break ground on the development of a single-family rental community in Glendale,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “This Southwestern market is a job engine with record-setting rent growth in recent years and a shortage of single-family homes.”
Development of the project is being primarily funded with proceeds from Capital Square Glendale BFR, LLC, a project-specific limited liability company that is currently raising approximately $49 million in equity from accredited investors.
The partnership closed on the lot at the southeast corner of Northern Parkway and N. Sarival Avenue in September 2023. The 320-unit community will include 102 detached single-family homes, averaging 1,655 square feet, and 218 townhomes averaging 1,257 square feet. Each home will be well-designed, with two tales, direct garage access and a private yard. The community will boast amenities including a pool, spa, fitness center, parks, BBQs, gated entry and sports courts. The lot is conveniently located, with simple access to downtown Phoenix, Sky Harbor Airport, freeways, shopping centers, schools and employers. It is also in close proximity to the dining, retail and entertainment options at The Village at Prasada, a recently opened outdoor shopping center, and Desert Diamond Casino, which is currently under construction.
“Given today’s challenging capital markets environment, we are especially pleased to close on this well-located property and start construction within such a small amount of time,” said Scott Maddux, president of Sunstone Two Tree. “High interest rates are making it one of the worst times for consumers to buy a home, so we believe our unique rental product will provide an attractive value proposition to future tenants. With a proven track record in real estate ventures, Capital Square is an vital partner of ours and we are pleased to collaborate with them to bring this much needed, best-in-class rental housing to Phoenix.”
“Greater Phoenix, the tenth largest metropolitan area in the nation, has experienced a shortage of high-quality single-family rental options due to significant population growth that has far exceeded the pace of housing development in recent years,” said Whitson Huffman, co-chief executive officer. “Glendale BFR provides investors an attractive opportunity to expand their portfolio into a high-growth Southwest market with an experienced team of developers, while also working to alleviate the single-family rental housing shortage.”

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ST LOUIS, MO – In a significant go strengthening the thriving real estate landscape of St. Louis, Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S. has completed the acquisition of Cortona at Forest Park, a 278-unit Class-A apartment community. Positioned in the heart of St. Louis, this property boasts an unparalleled location adjacent to the iconic Forest Park, downtown Clayton, and the vibrant Central West End. This acquisition marks a significant milestone for both the local real estate market and the overall growth and development of St. Louis, further reinforcing its status as a dynamic city with abundant opportunities.
Cortona at Forest Park is a highly sought-after live/work/play destination, offering residents an enjoyable lifestyle that includes convenient access to the cultural and recreational treasures of Forest Park and the Central West End. This best-in-class development, known for its top-tier amenities, and has demonstrated remarkable property performance and development success, characterized by strong occupancy rates and resident retention. The property is at 93% occupancy.
Passco Companies navigated the acquisition successfully, adding Cortona at Forest Park as a strategic addition to its diverse portfolio. The seamless transition was facilitated by the seller, Invesco Real Estate, a global real estate investment manager, and brokered by Kevin Girard, Mark Stern, and Zach Kaufman of JLL Capital Markets. JLL’s industry expertise and deep roots in the St. Louis market played a pivotal role in ensuring the success of this transaction. Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.
“Passco is thrilled to add another property in the Midwest to our portfolio. We’ve done well in St. Louis and look to continue that trend with Cortona at Forest Park and its exceptional submarket fundamentals. The property’s location at the southern edge of the city’s famed Forest Park, bookended by Barnes-Jewish Hospital and Washington University in St. Louis, is unmatched in the city.” Clarifies Gary Goodman, Senior Vice President of Acquisitions for Passco Companies. St. Louis is an economic powerhouse with a $173+ billion economy driven by major industries. These industries not only provide stability to the region but also make an array of employment opportunities.
Within the local submarket lies the Cortex Innovation Community, which is located within a 10-minute drive from Cortona at Forest Park. Positioned at the heart of St. Louis between the Central West End and the Forest Park Southeast Neighborhoods, the Cortex Innovation Community generates thousands of jobs and new tax revenue for the city. This community is poised to become a leading innovation district across the United States, fostering technology-related startups, corporate research and development teams, manufacturers, nonprofit organizations, and a rich ecosystem of innovators.
Located at 5800 Highlands Plaza Drive in St. Louis, Missouri, Cortona at Forest Park is a 278-unit mid-rise apartment building completed in 2014. The property is comprised of one 5-tale residential building situated on approximately 4.79 acres, offering a diverse mix of studio, 1, and 2-bedroom units. Residents of Cortona will experience convenient and modern amenities, including a three-tiered courtyard pool with cabanas; 24-hour fully equipped fitness center with on-site fitness classes; and even an on-site dog park and self-service pet spa.

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STEAMBOAT SPRINGS, CO – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of multifamily communities, announced the completion of construction of phase one for Steamboat Basecamp, a 75-unit mixed-use multifamily property in Steamboat Springs, Colorado. The project is being developed in conjunction with May Riegler Properties, a full-service real estate development and asset management firm.
Phase one consists of 75 for-rent apartment units and 8,343 square feet of leasable ground floor retail space, demised into four spaces. As of Nov. 13, 2023, 80% of the phase one apartment units have been leased, with initial go-ins scheduled to start by the end of November. Leases for three of the retail spaces are anticipated to be signed shortly, bringing exciting resident amenities to the development.
“Capital Square is pleased to report this major milestone in the development of Steamboat Basecamp with the completion of phase one and the initial lease-up of apartments,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 1901 and 1950 Curve Plaza in the rapidly growing neighborhood of West Steamboat, just off Highway 40 and less than two miles from downtown Steamboat Springs, Steamboat Basecamp will also ultimately include 27 townhomes available for buy. The property includes numerous community amenities, such as a ground floor lobby with space for coworking, ski gear repair area, rooftop lounge, and outdoor rooftop area with grilling stations.
Nestled in the Rocky Mountains approximately 150 miles northwest of Denver, Steamboat Springs is a well loved year-round tourist destination often referred to as “Ski Town USA” for its brilliant skiing and snowboarding opportunities. This stunning area also has geothermal hot springs, zip lining, rafting, and many other outdoor activities loved by residents and more than 500,000 visitors annually. The rustic city was founded in 1900, making it rich in history that focuses on miners, ranchers, and the Native American Ute tribe. The well loved Steamboat Ski Resort, which is in the midst of a $200 million expansion that will make it the second largest ski resort in the state, is just four miles from the development.
“Steamboat Springs is an ideal area for those seeking a live-work-play lifestyle, yet it suffers from a chronic undersupply of quality housing, which Steamboat Basecamp will help alleviate,” said Whitson Huffman, co-chief executive officer. “Capital Square seeks to identify underserved locales like Steamboat Springs, where we can improve a community while providing a compelling opportunity for the investors and financial advisors we serve.”

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