RALEIGH, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the acquisition of Ashford Townes, a 74-unit newly constructed build-for-rent townhome community in the affluent Raleigh suburb of Fuquay-Varina, North Carolina. The community was bought on behalf of CS1031 Ashford Townes BFR Housing, DST.
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. This represents Capital Square’s third BFR offering on platform to date.
“With a housing shortage of over four million units, Capital Square believes build-for-rent (BFR) housing solutions provide the U.S. with a vital supply of new housing stock,” said Louis Rogers, founder and chief executive officer. “These professionally managed and highly amenitized communities are desirable for providing the benefits of single-family living without the associated costs of ownership. Our BFR strategy is complementary with the existing multifamily business — Capital Square will continue to thoughtfully buy and develop multifamily communities throughout the Southeast and Texas in the years to come.”
Located at 604 Oakbrook Pass Way, construction of Ashford Townes was completed in February 2022. Developed by D.R. Horton, the nation’s largest homebuilder by volume, the modern units boast three-bedroom, open floorplans averaging 1,693 square feet with integrated smart-home technology, stainless steel appliances, quartz countertops, high vaulted ceilings, built-in window blinds, spacious walk-in closets, full size washer-dryers, attached one-car garages, private patios and outdoor storage. A community dog park is additionally contemplated for development.
Ashford Townes is one of just five single-family or townhome purpose-built rental communities of institutional quality currently available within the Greater Raleigh area. The property is approximately 30 minutes south of Research Triangle Park, the largest research park in the U.S. and a premier global innovation center. Its 7,000 acres encompass the Raleigh-Durham-Cary combined statistical area and boasts a diverse, innovation-based economy anchored by world-class universities and hundreds of companies, including science and technology firms, government agencies, academic institutions, startups and nonprofits.
The property offers residents efficient commutes to over 130,000 jobs and a five-minute drive to local retailers, restaurants, breweries, fitness centers and top performing schools. Resident area household incomes average $106,500, with leading employers including the University of North Carolina at Chapel Hill, Novartis, IQVIA, JLL and Duke Energy. The Fuquay-Varina submarket experienced approximately 13% rent growth in 2022 while the Raleigh-Durham area experienced rent growth of approximately 15%. Rents are forecasted to grow an average of 3.5% each year for the next five years in the Fuquay-Varina submarket and 3.75% in Raleigh-Durham.
“The Research Triangle region welcomed more than 900,000 new residents between 2000 and 2017, and a declining inventory of high-quality land sites, competition from multifamily developers and supply chain disruptions have resulted in limited deliveries of rental communities to the region,” said Whitson Huffman, co-chief executive officer. “Ashford Townes offers a convenient, reliable and spacious housing option amidst the least affordable single-family for-sale market that the Raleigh area has experienced in decades.”

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INDIAN LAND, SC – Canyon Partners Real Estate announced that it has provided a $14.8 million preferred equity investment in a joint venture with The Widewaters Group for the development of Parkstone at Indian Land, a Class-A, 266-unit, garden style residential community in Indian Land, S.C. Widewaters will lead development of the community, which is expected to start occupying units in late 2023, with completion in mid-2024.
The investment marks the second joint venture between Canyon and Widewaters, and Canyon’s third investment in the greater Charlotte area in the last five months. Huntington National Bank provided the senior construction loan.
Indian Land, South Carolina is a rapidly growing suburb of the Charlotte MSA, located 15 miles south of Charlotte’s central business district and five miles south of the Ballantyne submarket on the border of North Carolina. Indian Land, the northernmost community in Lancaster County, has benefitted from the growth of the greater Charlotte region. As Charlotte’s growth trajectory has expanded to the south, Lancaster County has experienced outsized population growth of 31% from 2010 to 2021. Indian Land also benefits from proximity to three major suburban employment nodes, including Indian Land, which is home to Red Ventures headquarters, Ballantyne, and Fort Mill.
“As Charlotte continues its rapid growth trajectory, we anticipate continued strong demand for multifamily housing in the city’s suburbs, including Indian Land,” said Brian Long, Director of Development at The Widewaters Group. “Parkstone will provide well-located housing for residents seeking convenient access to nearby jobs, entertainment and retail options. We look forward to partnering with Canyon once again for this project.”
Interior units at Parkstone will feature modern finishes and appliances, full size washer/dryers and balconies. The community will include an extensive amenity package, such as a dog park, pet spa, car wash, scenic pond area, 24/7 mailroom with package delivery lockers, 24/7 fitness center and resort style pool.

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IRVINE, CA – The Bascom Group in partnership with Artemis Real Estate Partners has bought Avenida Lakewood, a 230-unit Active Adult (55+) apartment community located at 11001 West 15th Place in Lakewood, Colorado. The Class A property marks Bascom’s 36th multifamily acquisition in Colorado. Ryan Maconachy and Courtney Crowder at Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA arranged the debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services.
Situated just seven miles west of Downtown Denver, Avenida Lakewood was constructed in 2019 by Avenida Partners, a prominent builder that specializes in developing Active Adult communities. The property is a highly-amenitized community that boasts extensive indoor and outdoor spaces including a clubhouse, game room, arts studio, theater, salon, pool and spa, fitness and yoga studios, gardening plots, a sky lounge, EV charging stations, and a pet park. Unit interiors feature high-end finishes with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting, and faux wood flooring. In addition to its abundant amenity offering, the property offers residents a variety of activities, such as social functions, fitness classes, and creative arts and educational programs, that are designed to foster a sense of community and enhance residents’ quality of life. Making a best-in-class lifestyle distinguishes Avenida Lakewood from other Active Adult communities in the Denver Metro Area.
The property also provides residents access to abundant recreation, retail, and entertainment options against the unmistakable backdrop of the Rocky Mountains. Avenida Lakewood residents can venture outside to explore over 2,400 acres of open space on nearby Green Mountain, delight in world-renowned entertainment venues like Red Rocks Amphitheatre, or wander the streets of nearby Golden, home to Coors Brewing Company and countless recreation outlets for hiking, biking, and fishing. Lastly, Avenida Lakewood is located between two of Denver’s premier medical centers, St. Anthony Hospital and Lutheran Medical Center, while also providing residents immediate access throughout Denver via the Oak Street Light Rail Station located three blocks from the property.
Bascom’s Senior Vice President & Principal of Acquisitions, Jim Singleton, shared, “Avenida Lakewood represents a highly attractive opportunity to act upon the demographic tailwinds of an aging population in a supply-constrained market. As the product of a premier national developer of Active Adult communities, Avenida Lakewood boasts thoughtfully designed amenities and best-in-class services that foster a vibrant lifestyle community for 55+ residents. These benefits provide a unique value proposition for Bascom and Artemis.”
Artemis Senior Vice President, Courtney Nickels added, “We look forward to building upon the strong momentum at the Property cultivated by Avenida Partners to continue delivering the highest level of service and quality for the residents. Artemis is pleased to grow our partnership with Bascom, a premier partner, and to continue to expand our investment portfolio in active adult.”
Since 1996, Bascom and its affiliates have bought 357 multifamily properties throughout the United States, totaling over 91,000 units. Prior to closing on Avenida Lakewood, Bascom had bought 35 multifamily properties in Colorado, totaling 11,804 units and more than $1.1 billion in acquisitions.

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