Capital Square Acquires North Carolina Community
D.R. Horton constructed the 74-unit project, which was completed in February 2022.

Ashford Townes. Image courtesy of Capital Square
Capital Square is expanding its build-for-rent offerings with the acquisition of a 74-unit community in Fuquay-Varina, N.C.
The firm, which acquired Ashford Townes from an undisclosed seller, is looking to raise $13.7 million in equity from accredited investors with a minimum investment requirement of $50,000.
The newly built project, which was constructed by D.R. Horton, was completed in February 2022. The build-for-rent community offers three-bedroom units with floorplans averaging 1,693 square feet and featuring smart home tech, stainless steel appliances, quartz countertops and high-vaulted ceilings, as well as walk-in closets and full-size washers and dryers. Residences include attached one-car garages, private patios and outdoor storage space. According to Yardi Matrix data, the community is fully occupied.
Located at 604 Oakbrook Pass Way in the Raleigh suburbs, the project is 30 minutes south of Research Triangle Park, the largest research park in the U.S. Ashford Townes allows residents a quick commute to the area’s major employers and is a five-minute drive from various local retail and restaurant options.
According to Capital Square, Ashford Townes is only one of five single-family or townhome purpose-built rental communities of institutional quality that is available in the Raleigh metro area. Whitson Huffman, co-CEO at Capital Square, said in prepared remarks that limited deliveries of rental communities to the Research Triangle region has been caused by the declining inventory of high-quality land sites, competition from multifamily developers and supply chain disruptions.
Offering more BFR options
Ashford Townes is Capital Square’s third BFR offering. To expand into BFR solutions, the firm formed a private equity group headed up by Managing Directors Dave Platter and Jon Trott. The group has a dedicated BFR strategy that focuses on high-growth Sun Belt markets.
Capital Square acquired Brighton Woodstock, a 100-unit BFR townhome community in Acworth, Ga., in February. The firm also established an investment venture designed to raise $22 million in private equity for the development of Perch Denton, a 195-unit BFR project in Denton, Texas.
Louis Rogers, founder & CEO of Capital Square, said in prepared remarks that the firm will continue to acquire and develop multifamily communities throughout the Southeast and Texas in the coming years. Since its founding in 2012, the firm has acquired more than 170 real estate assets.