Phoenix-Based Firm Eyes Prescott, Casa Grande as First Frontiers in Series of Five BFR Projects
Capital Development Group, the development wing of Phoenix-based Capital Asset Management, has closed escrow on the first two of five build for rent (BFR) projects. The first two projects are in Arizona cities most in need of this type of housing—Prescott and Casa Grande.
The projects, similar in concept and design, mark an exciting time for Capital Development Group as it broadens its reach outside of the Phoenix metro area.
“As more people begin to move to Arizona, they are eyeing areas of Phoenix, but also areas of opportunity outside of the Valley,” said Jason Hersker, Executive Vice President of Capital Asset Management and Partner of Capital Development Group. “Prescott was already strongly in need of this type of housing and Casa Grande will continue to grow. We are proud to bring two luxury projects to these cities to meet the growing demand for high-end rental communities.”
Both projects will appear similar to a single-family home community at first look. All units will be built as a single story and designed to include private backyards and entries. Inside, residents will be met with 10-foot ceilings, stainless steel appliances, full-sized washers and dryers, faux wood flooring, quartz countertops and the latest in technology packages. Outside, amenities include a resort-style pool and spa, barbecues and ramadas, a dog park, fitness center, coffee bar, trails and paths throughout, and open spaces and lush landscaping.
Capital Development Group sets itself apart from competitors by keenly focusing on sustainable building practices, including a partnership with HercuTech for the use of the Hercuwall, an environmentally-friendly foam, concrete and steel wall system. The Hercuwall system creates an airtight building envelope, reducing air leakage and heat loss, and thereby reducing energy consumption and CO2 emissions when compared to structures built with wood, while also increasing the structural integrity of the wall.
The Prescott project, The Park at Thumb Butte, is located on the south side of Iron Springs and Williamson Valley roads and is being built to suit 175 attached and detached homes on nearly 28 gross acres of land.
In Casa Grande, The Park at Three Point, located on the historical Three Point airport site at Pinal Avenue and Kortsen Road, will include 225 attached and detached units on 22.3 gross acres of land, filling a major need for housing the growing city of Casa Grande. Sellers of the land, Land Partners, are longtime Casa Grande proponents and chose Capital Development Group’s project due to its positive impact on the Casa Grande community.
The City of Casa Grade currently has a less than 5% vacancy rate in current available rental housing, with limited new build to rent projects to meet the growing demand. Employers, particularly in the manufacturing industry, are bringing more jobs to Casa Grande than ever before, including a much-anticipated Lucid Motors manufacturing facility.
“Housing demands have noticeably shifted during the pandemic, and Capital Development Group is excited to build properties that meet that demand,” said Rachelle Strole, Owner and Partner at Capital Asset Management. “Residents of these communities will be able to enjoy a sense of both community and privacy, while also reaping booming economical opportunity coming to both of these Arizona cities.”