Capital Square JV Completes Dallas-Area BTR Community
Developers raised $22 million in private equity for the project.
Capital Square has completed the construction of Perch Denton, a 195-unit single-family rental community in Denton, Texas. Good + West Residential and Montgomery Street Partners joined the project as co-developers.
In 2022, the property became subject to a $33.5 million construction loan originated by Texas Capital Bank, according to Yardi Matrix information. Capital Square also raised $22 million in private equity for the project.
The community encompasses one- to three-bedroom floorplans between 706 and 1,383 square feet across an 18-acre site. Units feature smart-home locks, 10-foot ceilings, fenced private yards, walk-in closets, as well as mudrooms. Amenities include a gym, a swimming pool, grilling areas, a game lawn, a dog park and walking trails.
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Located at 2205 N. Bonnie Brae St., the community is about 40 miles from both Dallas and Fort Worth. Large employers such as the University of North Texas, Peterbilt Motors Co. and the Texas Health Presbyterian Hospital are within a 4-mile radius of the property. Perch Denton is also adjacent to the 351-acre North Lakes Park.
Capital Square’s single-family rental ventures
Recently, Capital Square acquired Summit Townhomes, a 120-unit build-to-rent community in Oak Ridge, Tenn., near Knoxville. The company’s project-specific entity, CS1031 Summit Place BFR Housing DST, financed the purchase.
One month earlier, the firm partnered with Sunstone Two Tree to break ground on Ironwood Homes at Rosefield, a 320-unit single-family rental in Glendale, Ariz. The Phoenix metro area community is expecting completion in 2025.
