Capital Square to Finance Dallas BTR Community
The project is the latest in the Good + West Perch brand of single-family rental properties.
Capital Square has announced its establishment of Capital Square Denton BFR LLC, a new investment venture intended to raise $22 million in private equity for the development of Perch Denton, 195-unit built-to-rent community located at 2205 N. Bonnie Brae St. in Denton, Texas. The developer is working with venture partners Good + West Residential and Montgomery Street Partners on the project. Perch Denton is expected for completion in December of 2023, according to CommercialEdge information.
The new private equity group is being led by Managing Directors & Co-Heads of Private Equity Dave Platter and Jonathan Trott. Alongside the Denton project, the venture will seek to fund additional BTR projects throughout the Sun Belt.
The plan for Perch Denton
At present, construction of Perch Denton is subject to a $33.5 million loan provided by Texas Capital Bank, CommercialEdge data shows. The community is being built under Good + West’s Perch brand, which consists of modern, outdoor-oriented single-family rental homes. After its construction finishes, the development will occupy 18 acres and offer one-, two- and three-bedroom living arrangements averaging 1,005 square feet.
Units will feature quartz countertops, stainless steel appliances, hardwood flooring, walk-in closets and smart-home technology, in addition to fenced backyards with patios. Across the community, residents will have access to a swimming pool, fitness center, business center and dog park, with homes connected thorough landscaped courtyards.
Situated south of Windsor Drive in one of metro Dallas’ fastest-growing suburbs, the community will be flanked by several local parks, and is within 3 miles of central Denton, which offers myriad retail, dining and entertainment attractions. Within a mile is Interstate 35, the community will be within an hour’s drive of downtown Dallas.
Capital Square’s Sun Belt endeavors
The financing of Perch Denton takes place as Capital Square invests in and purchases numerous communities across the South. Earlier this month, the firm purchased Parkland Apartments, a 396-unit Class A community in Parkland, Fla. In October of 2022, it purchased Lyric at Norton Commons, a 273-unit luxury community in Prospect, Ky. As part of the investment, the firm seeks to raise an additional $68 million.