As Australia’s rental vacancy rate nears a historic low, CapStone Holdings and Blaq
Projects scale up residential real estate development.
FORT MYERS, Fla., May 12, 2025 /PRNewswire/ — CapStone Holdings Inc., a U.S. family office, has expanded its strategic partnership with Blaq Projects, an Australian real estate development firm, to address the rising housing demand across Australia. Since 2020, the two firms—CapStone and Blaq—have collectively launched and managed more than USD 1.1 billion in active development across the country.
According to SQM Research, Australia’s national rental vacancy rate fell to just 1.1% in March 2025, one of the lowest on record. Meanwhile, the Australian Financial Review reports that the country faces a housing shortfall of more than 460,000 homes through the end of the decade. CapStone and Blaq’s expanded collaboration aims to alleviate this pressure by building sustainable, mid-density residential communities in key urban areas like Sydney, Wollongong, and Perth.
“Australia’s housing market is experiencing unprecedented demand, and that presents both a need and an opportunity,” said Chelsey Turbyfill, VP of Finance at CapStone Holdings. “We’re investing where demand is real and sustained. Blaq Projects has proven they can meet that demand with high-quality, forward-thinking construction. This is exactly the kind of growth market and partner we want.”
“Working with CapStone has enabled us to move confidently into high-growth corridors with the financial strength and strategic alignment needed to deliver long-term impact,” said Jared Beneru, Managing Director at Blaq Projects. “Together, we’re building solutions for Australia’s evolving housing needs.”
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 delivered six new mixed-use residential developments across Australia, including the recently completed Indigo in Wollongong. Under Beneru’s leadership, Blaq Projects has completed more than 70 developments nationwide.
“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.
SOURCE CapStone Holdings, Inc.
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