Capital Square Launches CSRA Opportunity Zone Fund VII to Develop Fifth Apartment Community in Richmond, VA
RICHMOND, Va., April 19, 2022 /PRNewswire/ — Capital Square, a national investment sponsor specializing in tax-efficient real estate investing, today announced the launch of CSRA Opportunity Zone Fund VII, LLC. The project-specific Opportunity Zone Fund will raise capital to develop approximately 350 apartments in the at Scott Besides the district of Richmond, Virginia. CSRA Opportunity Zone Fund VII seeks to raise $41,438,000 in equity from accredited investors. It is Capital Square’s seventh opportunity zone fund and fifth apartment community under development in Richmond.
“The Capital Square development team is on track and on budget in developing five Class A apartment communities in richmond and Raleigh, North Carolinadespite a global pandemic that has sidelined many developers,” said Louis Roger, Founder and Managing Director. “It’s a testament to the strength of Capital Square that development activity has actually increased dramatically at a time like this.”
Located at 2935 W. Clay St., 2944 W. Marshall St., and 2931 W. Marshall St., the community will include three five- and six-story apartment buildings above the podium parking lot. Construction is expected to begin in the first quarter of 2023. The finished project will include retail properties.
Established in 1901, at Scott The addition is a historic area that is now the City of Richmond fastest growing neighborhood, according to at Scott Addition Boulevard Association. The area is known for its dining, beverage and entertainment facilities, including 13 breweries, cider houses, meads and distilleries, in a seven-block pedestrian zone. The area is home to a growing number of millennial residents and empty nests.
Once a hub for industrial buildings and businesses, at Scott Addition is the number one “millennial hot spot” in Virginiawith a 43% increase in millennials in just five years, according to RENTCafe. at Scott Addition is the second best performing market in richmondaccording to Yardi Matrix.
“The continued growth of at Scott The addition makes it a great place to grow,” said Whitson Huffman, Chief Strategy and Investment Officer. “The region is the second best performing market in richmond, with an occupancy rate of approximately 97.8% for multi-family units. Our team is thrilled to begin our fifth multi-family development in at Scott Addition. Capital Square is building the future of richmond.”
Opportunity Zones have been created to stimulate long-term private investment in low-income urban and rural communities nationwide. Designed under the Tax Cuts and Jobs Act 2017, Opportunity Zone Funds are intended to foster economic growth by providing tax benefits to incentivize private investment in Opportunity Zones designated.
Source: Matrix Yardi
About Capital Square
Capital Square is a national real estate company specializing in tax-efficient real estate investments, including Delaware statutory trusts for section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, real estate investment trust for stable income and growth, and development funds. Since 2012, Capital Square has achieved over $5.6 billion in transaction volume. Capital Square’s management team has decades of experience in real estate investing. Capital Square related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high net worth investors, capital companies -investment, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the country for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square has been listed by Virginia Business on their “Best Workplaces in Virginiain 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.
Disclaimer: Securities offered by WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are significant risks associated with investing in DST properties and real estate securities, including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, risk interest rate fluctuations, the risk of new offerings coming to market and rental rates decreasing, general risks of owning/operating commercial and multi-family properties, short-term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long holding periods and the potential loss of all investment capital. Past performance is not indicative of future results. Potential cash flows, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax advisor regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying particular attention to the risk section before investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.
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SOURCE Capital Square