Capital Square, a real estate firm focused on tax-advantaged real estate investments and a developer of multifamily communities, has acquired Ashford Townes, a 74-unit build-for-rent (BFR) townhome community in the Raleigh suburb of Fuquay-Varina, N.C.
Construction of Ashford Townes was completed in February 2022. The units boast three-bedroom, open floorplans averaging 1,693 square feet with smart-home technology, stainless steel appliances, quartz countertops, vaulted ceilings and other amenities. The community was acquired on behalf of CS1031 Ashford Townes BFR Housing DST which seeks to raise $13.7 million in equity from investors and has a minimum investment requirement of $50,000. This represents Capital Square’s third BFR offering to date.
“With a housing shortage of over four million units, Capital Square believes build-for-rent housing solutions provide the U.S. with a vital supply of new housing stock,” states Louis Rogers, founder and chief executive officer. “Our BFR strategy is complementary with the existing multifamily business — Capital Square will continue to thoughtfully acquire and develop multifamily communities throughout the Southeast and Texas in the years to come.”