Capital Square JV Breaks Ground on Phoenix SFR Project
Sunstone Two Tree, Capital Square’s partner, is developing nine single-family rental communities in the state.
Ironwood Homes at Rosefield will open in 2025. Rendering courtesy of Sunstone Two Tree
A joint venture of Capital Square and Sunstone Two Tree—the company that resulted from the merger between Sunstone Properties Trust and Two Tree Capital—has broken ground on Ironwood Homes at Rosefield in Glendale, Ariz.
The 320-unit single-family rental project will be developed through Capital Square’s project-specific platform, Capital Square Glendale BFR, an entity launched in March with the aim to raise roughly $49 million in equity from SFR-BTR investors.
Ironwood Homes at Rosefield is set to encompass 102 detached homes averaging 1,655 square feet and 218 townhomes averaging 1,257 square feet. All residences will be two stories high, with direct garage access and private yards. Common-area amenities are slated to include a swimming pool, spa and fitness center, along with barbecues, parks and sports courts. Completion of the project is anticipated in the summer of 2025.
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Located at the intersection of Northern Parkway and North Sarival Avenue, the 29-acre lot is next to the Luke Air Force Base and roughly 30 miles west from Phoenix. The upcoming property will also be directly adjacent to the Wildlife World Zoo Aquarium & Safari Park and some 13 miles from the Phoenix-Goodyear Airport.
Sunstone Two Tree currently has nine single-family-rental communities under development in Arizona, totaling some 1,500 units. The company has recently opened a 103-unit townhome property in Phoenix’s Avondale suburb, also operating under the Ironwood brand.
