PHOENIX /PRNewswire/ — Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today that the firm has closed on construction financing and the acquisition of 29 acres of land in the Phoenix suburb of Glendale, Arizona, for the development of Glendale BFR, a 320-unit build-for-rent (BFR) single-family housing community. Capital Square has partnered with Sunstone Two Tree as co-developer of the project.
“Capital Square has searched the nation for top markets in which to develop new BFR communities,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “The Phoenix area checks all the boxes – 10th largest MSA in the nation, record setting job production and fourth highest rent growth in the nation over the past three years.”
Located at Northern Parkway and N. Sarival Avenue, the property will include a mix of 102 detached villas with three- and four-bedroom units averaging 1,655 square feet, as well as 218 townhomes with two- and three-bedroom units averaging 1,257 square feet. Property amenities will include a pool, spa, fitness center, pickleball courts, grilling pavilion, pocket parks, a dog run and a playground. Capital for the development is being raised through Capital Square Glendale BFR, LLC, a project-specific LLC offering that is open to accredited investors.
Approximately four miles southeast of the property is The Village at Prasada, an outdoor shopping center currently under construction, which will include a Sprouts Farmers Market, Ulta Beauty, TJ Maxx, Marshalls, PetSmart and other popular retail outlets. Residents will also have easy access to downtown Phoenix, Sky Harbor Airport and Luke Air Force Base. Adjacent to the property is Desert Diamond Casino, a $450 million casino under-construction expected to be completed in 2024. The casino complex will employ approximately 1,300 people who will need housing and will feature a fine dining restaurant, food court, conference center and amphitheater.
“Significant growth in the Greater Phoenix single-family rental market has left a shortage of high-quality single-family rental options in the area,” said Whitson Huffman, co-chief executive officer. “Capital Square Glendale BFR, LLC gives investors the perfect opportunity to invest with an experienced team of developers in this prominent Southwest market.”
Phoenix is the 10th largest metropolitan statistical area in the U.S. with about five million residents1 and a top performing single-family rental investment market with rent growth of 30% since March 2020, the highest in the U.S.2 The Glendale industrial submarket has 16.3 million square feet of logistics space currently under construction, including a recently approved four million-square-foot logistics park along Loop 303 just north of the site in Glendale.3
Capital Square formed the Private Equity Group managed by experienced real estate executives, Dave Platter and Jon Trott, as managing directors and co-heads, to profit from opportunities in the housing market, including a dedicated build-for-rent (“BFR”) strategy in high growth sunbelt markets.
Sources: 1. Census, 2022. | 2. John Burns, 2023. | 3. Phoenix Business Journal, 2022.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 billion in transaction volume. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region’s “Top Work Places.” To learn more, visit www.CapitalSq.com.
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative. Diversification does not guarantee profits or protect against losses.
SOURCE Capital Square
Feed the Soul Foundation: Empowering Culinary Businesses with Financial Support
Feed the Soul Foundation provides financial support to marginalized culinary businesses, empowering their growth and success in a challenging industry.
Small culinary businesses have faced significant challenges and hardships due to the pandemic, including burnout, financial constraints, and a sense of isolation. In response to these struggles, the Feed the Soul Foundation, a national non-profit organization, has been providing financial relief and solutions to marginalized culinary businesses. Through their Restaurant Business Development Grant Program, the foundation has awarded $850,000 in support to 30 culinary business owners, empowering them to overcome obstacles and thrive in a competitive industry.
Financial and Professional Support:
With the support of the Grubhub Community Fund and Stella Artois, Feed the Soul Foundation’s 2023 grant program has provided each of the selected restaurant owners with $25,000. The program aims to address the challenges faced by these businesses, such as slim profit margins, labor shortages, inflation, and rising minimum wages. The six-month cohort program offers a range of supports, including financial literacy training, marketing and advertising guidance, and one-on-one business development consultations with industry experts. By equipping these entrepreneurs with essential knowledge and resources, the foundation aims to foster their growth and success.
The Role of Feed the Soul Foundation:
Under the leadership of Executive Director Juana Collins, a seasoned nonprofit executive, Feed the Soul Foundation is dedicated to nourishing and empowering individuals through culinary education and entrepreneurship. With a commitment to making a profound difference in lives and legacies, the foundation offers critical support to culinary businesses, acting as a vital resource for their sustainability and growth.
Creating a Supportive Network:
The importance of establishing a robust support network becomes evident when comparing the success rates of businesses that have received Feed the Soul Foundation’s support with the national average. Over 98% of the businesses that received financial and business development assistance from the foundation are still operating and have experienced growth within their operations. This success demonstrates the significance of providing both financial backing and expert guidance to culinary businesses, fostering a community of support and collaboration.
Milestones and Achievements:
Since its inception in 2020, Feed the Soul Foundation has achieved significant milestones in supporting marginalized culinary businesses. These include:
- Investing $1,078,000 in financial and business development support to 59 culinary businesses across the nation.
- Providing $46,000 in emergency funds through the Emergency Relief Fund to assist culinary businesses affected by unforeseen damages and natural disasters.
- Establishing an internship program and distributing $59,000 in student stipends while providing workforce training to 15 minority college students studying small business marketing, marketing research, and public relations.
Recognizing Culinary Excellence:
The foundation’s 2023 grant program has recognized and supported a diverse range of culinary businesses. The awarded cohort includes establishments such as 7th & Grove, Andes Café, Bueno Dias Café & La Bodega at The Met, Haire’s Gulf Shrimp, Pepitos Paletas, The Urban Oyster, and many more. These businesses represent the resilience and creativity of the culinary community and highlight the foundation’s commitment to fostering growth and sustainability within the industry.
Feed the Soul Foundation will continue to provide support and resources to marginalized culinary businesses. In October, they will open applications for the 2024 Restaurant Business Development Grant Program, offering entrepreneurs another chance to receive financial assistance and expert guidance. Furthermore, the foundation has scheduled a Global Culinary Conference in Houston, Texas, in January 2024, aiming to foster growth and collaboration within the culinary community.
The Feed the Soul Foundation’s Restaurant Business Development Grant Program has been instrumental in providing financial relief and professional support to marginalized culinary businesses. By equipping entrepreneurs with the necessary resources and guidance, the foundation empowers them to overcome challenges and thrive in a competitive industry. Through their continued efforts, Feed the Soul Foundation is making a lasting impact on the lives and legacies of culinary entrepreneurs, fostering sustainable growth within the culinary community.
About Feed the Soul Foundation
Feed the Soul Foundation was established in 2020 to aid marginalized entrepreneurs in the culinary industry with business development resources and support to foster sustainable business growth. The Restaurant Business Development Fund supports marginalized business owners with business development scholarships and emergency funding.
SOURCE Feed the Soul Foundation
Black Business Boom Celebrates 5 Years of Creating Financially Savvy and Bankable Minority Businesses in Nashville and Beyond
NASHVILLE, Tenn. /PRNewswire/ — Black Business Boom, founded by Danielle McGee as the Groupon for Black owned businesses, marks a significant milestone as it celebrates its 5-year anniversary. The organization has evolved into a dynamic force for the empowerment of Black-owned businesses, not only in Nashville but throughout Tennessee and beyond. The cornerstones of Black Business Boom are the 501(c)3 Boomin University, launched in 2020, which provides free business training to underserved minority business owners; Boomin Marketing, designed to equip participants with the latest communication strategies and tools from social media mastery to content creation wizardry; and Boomin to the Bank, a revolving loan fund that offers microloans of up to $5000 to small business owners, helping them to build bankable businesses by providing financial literacy training, helping participants establish business bank accounts and bookkeeping systems. Notably, Boomin to the Bank has partnered with Kiva Microloans, in order to deploy $10 million in capital to Black-owned businesses who graduate the Boomin to the Bank program by 2030. The Kiva partnership will launch with funding loans for 30 program graduates.
“I wanted to create a space for Black entrepreneurs to gain the financial and business education they needed to create thriving, sustainable businesses, in Nashville,” says McGee. “We are excited to expand and create impact nationwide.”
Black Business Boom was recently awarded funds from the TN Placemakers Entrepreneurship Fund, to support Boomin University cohorts in East, Middle, and West Tennessee, preparing them to source funds from banks and other granting institutions. Truist Bank also supports Black Business Boom with a grant that supplements key programming focused on training and technical assistance, to Black owned businesses, interested in securing corporate and government contracting opportunities.
About Black Business Boom:
Black Business Boom is a dynamic organization founded by Danielle McGee, originally as the Nashville Black Business Directory. Celebrating its 5-year anniversary, Black Business Boom is dedicated to empowering Black entrepreneurs through education, marketing programs, and financial support. The organization envisions a thriving ecosystem that provides essential elements for the success of Black-owned businesses in Tennessee and beyond.
Connect with Black Business Boom:
SOURCE Black Business Boom
Rent remains high, but more properties offer incentives
New construction surge prompts landlords and property managers to provide more perks
SEATTLE /PRNewswire/ — Rental concessions—offers meant to entice tenants, such as free months of rent or free parking—are at their highest level in more than two years despite strong renter demand, Zillow’s latest data shows. That’s because property managers are now likely competing for tenants, as new, primarily upscale buildings from the recent construction boom enter the rental market.
About 30% of rental listings on Zillow advertised concessions in October, a surge that signifies a notable shift in the rental market. Within the past five years, concessions reached a peak in February 2021, with 36.7% of rentals offering incentives, coinciding with low renter demand during the pandemic. Those concessions then dropped as far as 19.4% in July 2022. However, the current rise comes as typical rent prices are nearly 30% higher than pre-pandemic levels, and annual rent growth just ticked back up after nearly two years of slowing down.
“The pandemic era’s increase in concessions was a direct response to decreased renter demand. Currently, we’re witnessing a different scenario where the demand for rental housing is high, but there’s been a notable rise in supply,” said Anushna Prakash, an economic research data scientist at Zillow. “To differentiate themselves from newer, potentially more amenity-rich apartment buildings, property managers are stepping up their game, offering more incentives to attract potential renters with a broader range of choices.”
Nationwide increase in concessions
Zillow data shows an astonishing 43 of the nation’s largest 50 metropolitan areas have seen a rise in rental concessions compared to last year. The most deal sweeteners are found in Salt Lake City, Utah, and San Jose, California, where more than half the rentals listed on Zillow in October advertised concessions.
Construction boom and its effects
This trend is especially pronounced in metro areas experiencing a construction boom. According to Fannie Mae’s Mid-2023 Multifamily Construction Update, markets such as Washington, D.C., Dallas and Austin are seeing more new developments, with Dallas and Austin having 74,000 and 66,000 new units, respectively, either recently completed or underway .
Zillow’s data reveals a similar upswing in concessions in those metros and others, including Phoenix and Atlanta, which are also among the top markets for new multifamily construction. This correlation highlights how the influx of new apartments is likely prompting housing providers to offer incentives to attract renters.
10 Metro Areas with the Largest Share of Rental Concessions
|Metro||Share of Rentals|
|Year over Year|
(YoY) Change in
|Typical Rent in|
Rent Index (ZORI)
|YoY Change in|
|Salt Lake City, UT||54.4 %||26.5 %||$1,677||0.7 %|
|San Jose, CA||50.8 %||6.3 %||$3,260||0.2 %|
|Washington, DC||49.6 %||-1.2 %||$2,308||3.9 %|
|Charlotte, NC||47.6 %||20.5 %||$1,826||2.4 %|
|Minneapolis, MN||46.8 %||3.4 %||$1,647||2.7 %|
|Dallas, TX||45.9 %||17.4 %||$1,803||0.6 %|
|Phoenix, AZ||45.1 %||10.1 %||$1,902||0.6 %|
|Austin, TX||44.8 %||13.4 %||$1,813||-2.8 %|
|Nashville, TN||43.8 %||8.1 %||$1,896||0.9 %|
|Atlanta, GA||43.5 %||15.2 %||$1,925||0.4 %|
Source: Zillow data
Diverse concession strategies across metros
Conversely, metro areas such as New Orleans (9%), Providence (14%), Miami (14%) and New York (15%) observed the lowest concession rates in October. This varied landscape suggests that property managers across the country are exploring different strategies as they gauge the effectiveness of concessions before potentially adjusting rental prices.
Zillow’s research, echoing the sentiments of economists and housing experts, highlights the fact that new construction and zoning reform are pivotal in enhancing housing affordability. The current trend in concessions, likely fueled by the spike in multifamily construction, is an interesting twist in the quest for affordability. It remains to be seen if the rise in concessions will translate to a significant drop in rent growth.
Zillow provides a clear and user-friendly platform for both housing providers and renters. Property managers can easily list concessions for their properties, while renters can find all available offers under the “Special Offers” tab on participating building detail pages, enabling them to make well-informed housing decisions.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
Zillow Group’s affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; ShowingTime+℠; and Spruce®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2023 MFTB Holdco, Inc., a Zillow affiliate.
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