CenterSquare recently made a preferred equity investment for the development of Ironwood Homes at Blue Horizons, a 238-unit. build-to-rent townhome and single-family detached community in the fast-growing West Valley submarket of Phoenix. The property will consist of all two-story units with high-end interior finishes, fenced backyards, attached garages and extensive community amenities.
CenterSquare made a preferred equity investment with the same Sponsor in a similar property, Ironwood Homes at Rosefield, in July 2025. The Rosefield property has begun delivering homes and is 24 percent leased, five months ahead of schedule, demonstrating the potential for success.
CenterSquare’s preferred equity investment ranges from 65 percent to 83 percent of the capital stack, with material sponsor equity subordinated to CenterSquare’s position. The targeted return metrics are compelling on a risk-adjusted basis, given the downside protection from the preferred equity investm
