CapStone Holdings and Blaq Projects Bet $1.1B on Australia’s Real Estate Future
In an era when institutional capital is actively reshaping global housing markets, U.S. family offices are stepping off the sidelines and into the spotlight. Leading the charge is CapStone Holdings Inc., a Michigan-based family office with an appetite for impact-driven, high-yield investments.
Since 2020, CapStone has quietly built a strategic partnership with Australian developer Blaq Projects, culminating in over US$1.1 billion in active real estate developments across the country. Now, with housing demand reaching critical levels in major Australian cities, the duo is doubling down — bringing family office capital to bear on one of the world’s most watched property markets.
The Billion-Dollar Bet on Australian Growth
CapStone’s latest commitment includes an additional $25 million in equity and capital support for new and ongoing developments with Blaq Projects, which is quickly emerging as a standout among Australia’s new generation of boutique development firms. The partnership’s current portfolio features high-impact projects such as the Dé Mira Commercial Tower in Wollongong, an innovative retail-office hybrid designed with post-pandemic workspaces and urban sustainability in mind.
In addition to Dé Mira, the partnership is spearheading several mixed-use and residential developments in Sydney and Subiaco (Perth), strategically targeting lifestyle-centric urban corridors and addressing Australia’s chronic undersupply of quality housing.
“CapStone believes in finding partners who understand place-making, sustainability, and long-term community value,” said Jonathan Quarles, Senior Advisor to CapStone. “Blaq Projects delivers on all fronts, making them an ideal partner for deploying capital that is both profitable and purposeful.”
Family Offices Move into Housing
CapStone’s move reflects a growing trend among ultra-high-net-worth family offices seeking stable, inflation-hedged assets with long-term appreciation potential. While institutions such as Blackstone and Brookfield have dominated global housing headlines, family offices are increasingly stepping in as agile, direct investors — often with deeper commitments to community impact and generational legacy.
Real estate remains a cornerstone of family office portfolios, but the shift toward direct development partnerships marks a new level of sophistication. In this model, family offices aren’t merely acquiring properties — they are co-shaping city skylines, master planning precincts, and backing developers aligned with ESG principles.
Beyond ROI: A Vision for Urban Resilience
What sets the CapStone-Blaq alliance apart is its shared philosophy: real estate as both a financial instrument and a social mandate. Projects are being designed to incorporate climate-resilient materials, mixed-income housing models, and smart infrastructure — elements that not only attract tenants but also resonate with impact-driven investors.
Australia, with its stable legal system, strong population growth, and supply-side constraints, offers fertile ground for these types of ventures. Government initiatives to increase housing stock have met with mixed success, and private capital has been called upon to fill the gap. CapStone’s investments are designed to do just that — delivering homes while also delivering returns.
A Template for Global Family Office Strategy?
CapStone Holdings may be setting a precedent for how family offices can enter and influence global housing markets. The firm’s combination of capital agility, strategic partnerships, and values-based investing aligns well with a new generation of family office principals — particularly next-gen heirs and founders who seek purpose alongside profit.
As housing crises unfold across global urban centers, the CapStone-Blaq blueprint offers a compelling model: one in which visionary family offices don’t just follow institutional capital — they lead.
