Blaq Projects and Investment Partner CapStone Holdings Fuel Housing Growth Across NSW and WA

As Australia's rental vacancy rate nears a historic low, CapStone Holdings and Blaq Projects scale up residential real estate development.

SYDNEY, May 13, 2025 /PRNewswire/ -- Australian development firm Blaq Projects has deepened its partnership with U.S.-based CapStone Holdings Inc., with more than AUD 1.7 billion now committed to new residential and mixed-use developments across New South Wales and Western Australia. Since 2020, the two firms—CapStone and Blaq—have collectively launched and managed projects that respond directly to the nation's growing housing needs.

A March 2025 report by SQM Research placed the national rental vacancy rate at just 1.1%, while the Australian Financial Review estimates the country is on pace to fall 460,000 homes short of government housing targets by 2030. This growing demand is fuelling CapStone and Blaq's joint efforts in areas like Wollongong, Sydney, and Subiaco.

"Our collaboration with CapStone Holdings enables us to think big, move fast, and build smarter," said Jared Beneru, Managing Director of Blaq Projects. "We're focused on setting new benchmarks for sustainable housing in Australia's most dynamic communities."

"Australia's real estate market is dynamic and underserved in key segments," said Chelsey Turbyfill, VP of Finance at CapStone Holdings. "We're proud to support innovative Australian developers like Blaq as they deliver solutions to real housing challenges. Their execution has made this partnership one we're eager to expand."

Currently under construction is Orchard Terrace—a two stage 227-unit modern luxury apartment complex located in the vibrant inner-city township of Subiaco, Perth. Since 2020, the partnership has established six new mixed-use residential developments across Australia. One of its most recent completed developments is Indigo in Wollongong. Under Beneru's leadership, Blaq Projects has completed more than 70 developments across the country.

"Six developments in five years is just the beginning. We're building momentum and intend to keep pushing the standard forward—for the communities we serve and the future we want to help shape," Beneru added.

CapStone's broader commitment to Australia includes its sports investment division, GameAbove Sports—a global backer of select sports teams and academies dedicated to advancing athletic excellence and youth development. In partnership with the Bruton Basketball Foundation (BBF), led by NBL Hall of Famer Cal Bruton, GameAbove Sports supports inclusive youth programs that connect children—especially from underserved communities—with positive role models. Together, they aim to empower the next generation through sport, mentorship, and opportunity.

"Australia isn't just a promising market—it's a place where we're investing in people, community, and meaningful long-term impact," Turbyfill added.

About Blaq Projects
Blaq Projects is an innovative property development, construction, and investment company. Throughout the years of experience, Blaq has obtained industry excellence, a culture built on quality and a mindset of providing cost effective building and design solutions. blaqprojects.com.au

About CapStone Holdings, Inc.
CapStone Holdings, Inc. is a family office-structured holding company that keeps a balanced portfolio through investment strategies that maximize innovation and return with minimal risk. CapStone Holdings and its founders have invested across a wide range of industries for over 33 years and engage in focused philanthropic efforts. For more information about CapStone Holdings, visit www.capstoneholdingsinc.com.

Orchard Terrace construction progress.

Orchard Terrace exterior rendering.

Orchard Terrace interior rendering.

Orchard Terrace interior rendering.

Orchard Terrace exterior rendering.

Orchard Terrace exterior rendering.

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