Capital Square Celebrates Major Milestone in Multifamily Development

Significant Milestone Reached for Livano Knoxville Development

Capital Square, a prominent sponsor of tax-advantaged real estate investments, has recently reached an important construction milestone with the topping out of Livano Knoxville. This exciting new multifamily community features 348 units and is located within a designated opportunity zone. Developed in collaboration with LIV Development, Livano Knoxville marks Capital Square's eighth opportunity zone fund.

Investment Opportunities and Economic Impact

Investors in the Livano Knoxville project can defer and exclude capital gains, thanks to the fund's structure, which aligns with the legislative intent of opportunity zone legislation. Louis Rogers, founder and co-CEO of Capital Square, emphasized the project's dual purpose: to create jobs and generate necessary tax revenue, while also providing critical housing for area residents. The community aims to support medium-income residents and will include essential amenities for a comfortable lifestyle.

Community Features and Resident Benefits

Strategically situated at 451 W. Blount Ave., Livano Knoxville offers convenient access to the Tennessee River and is close to the University of Tennessee's Neyland Stadium. The complex will feature various apartment types, from studios to three-bedroom homes, ensuring a diverse range of options for residents. With approximately 930 square feet of space per apartment, the development plans to include 35 workforce housing units for households earning at or below 80% of the area's median income.

Accessibility to Major Employers

Residents of Livano Knoxville will benefit from proximity to significant employers such as the U.S. Department of Energy Oak Ridge National Laboratory, Covenant Health, and the University of Tennessee. Additional nearby employers include Tennessee Valley Authority, Knox County Schools, and several healthcare providers, ensuring that residents have access to employment opportunities within their community.

Overcoming Challenges in Development

Despite facing widespread challenges in financing and construction across the country, Capital Square and LIV Development have successfully maintained their development timeline for Livano Knoxville. Whitson Huffman, co-CEO, expressed satisfaction in reaching this milestone, highlighting the project's role in delivering luxury multifamily housing to Knoxville's growing population.

Project Team and Funding

The project team for Livano Knoxville consists of esteemed professionals, including Niles Bolton Associates, Inc. as the building architect, Design South Interiors as the interior designer, and Southern Building Group serving as the general contractor. The development is supported in part by Capital Square's eighth qualified opportunity zone fund. An economic impact study has shown that Livano Knoxville construction has created significant employment opportunities, resulting in 634 new jobs locally, further enhancing the area's economy.

Future Developments with Capital Square

In response to the growing need for high-quality housing, Capital Square has launched CSRA Opportunity Zone Fund IX, LLC, aimed at funding another multifamily project and luxury hotel in a vibrant Richmond neighborhood. The goal of this fund is to raise $77 million in equity. This initiative signifies the firm's ongoing commitment to expanding its portfolio of opportunity zone investments since its inception in 2012.

Capital Square's Impact and Vision

To date, Capital Square has facilitated over $870 million in development value through their opportunity zone funds, playing a critical role in fostering private investments in low-income urban areas. Since founding the company in 2012, they have attracted more than $3 billion in equity, focusing on providing tax-advantaged real estate investment solutions. Capital Square not only manages a vast portfolio of properties but has also made substantial contributions to the multifamily housing market across multiple states.

About Capital Square

Capital Square operates as a fully integrated national real estate firm that specializes in various tax-advantaged investment strategies. Their offerings include Delaware statutory trusts for Section 1031 exchanges and opportunity zone funds. The company also actively develops and manages housing communities, achieving over $7.9 billion in transaction volume in the real estate sector. With a vision for sustainable growth, Capital Square has positioned itself as a leader in the industry, recognized by Inc. 5000 for its rapid growth over eight consecutive years.

Frequently Asked Questions

What is Livano Knoxville?

Livano Knoxville is a 348-unit multifamily community developed by Capital Square within an opportunity zone, offering various apartment styles.

When are the first move-ins expected?

First move-ins are anticipated in the spring of 2025, following the completion of construction.

What are opportunity zones?

Opportunity zones are designated areas aimed at incentivizing private investments to stimulate economic growth in low-income communities.

What benefits do investors gain from the opportunity zone fund?

Investors can defer and exclude capital gains taxes when they invest in opportunity zones, providing potential tax advantages.

How has Livano Knoxville benefited the local economy?

The development has created 634 new jobs and generated substantial local and state tax revenue, further enhancing the community's economic landscape.

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