Capital Square’s New Fund: An Investment in Community Growth
Capital Square’s Successful Fundraising and New Launch
Capital Square, a prominent player in the world of tax-advantaged real estate investment, has recently achieved a significant milestone with the full subscription of CSRA Opportunity Zone Fund VII, LLC. This fund raised around $65 million from accredited investors, paving the way for a significant multifamily community development aimed at enhancing the living experience in a vibrant neighborhood.
Details of the Fund VII Development
The CSRA Opportunity Zone Fund VII will invest in a 352-unit multifamily community in a qualified opportunity zone known as Scott's Addition. This transformation of the area is expected to provide much-needed housing while enhancing the community's overall quality of life. The planned complex will feature three six- and seven-story buildings, complete with ground-level retail outlets, promoting local businesses and supporting the neighborhood's economic development.
Quality Living Spaces and Modern Amenities
Providing a comfortable and attractive living space is at the forefront of Capital Square's mission. The new apartments are designed with modern living in mind, featuring units averaging 845 square feet equipped with premium finishes like quartz countertops and luxury vinyl tile. In addition, future residents will enjoy amenities such as a resort-style pool, state-of-the-art fitness center, co-working spaces, and tranquil courtyards that foster both relaxation and community.
Community Impact and Job Creation
Capital Square's developments go beyond providing housing; they also contribute significantly to the local economy. An economic impact study revealed that projects in Scott's Addition have created around 1,500 construction jobs and 63 permanent positions. Moreover, these projects are projected to generate millions in annual tax revenue, showcasing the beneficial ripple effect of well-planned investments.
Scott's Addition: A Thriving Neighborhood
Scott's Addition has quickly become one of Richmond's most desirable neighborhoods, known for its booming dining and entertainment scene, including various breweries and eateries. The area is particularly appealing to a mix of residents, including millennials and empty nesters, which makes it an ideal spot for growth. Experts predict rent growth exceeding 4% over the coming years in this high-performing submarket.
Continued Growth with New Fund IX
Building on the success of Fund VII, Capital Square also launched CSRA Opportunity Zone Fund IX, LLC, which will seek to fund an exciting mixed-use development project that includes a 320-unit apartment community and a luxury hotel. With nearly $800 million in development value initiated thus far, Capital Square is committed to enhancing the landscape of Scott's Addition while providing superior living options for its residents.
About Capital Square
Founded in 2012, Capital Square has positioned itself as a leader in real estate investment, specializing in tax-advantaged opportunities. The firm not only focuses on multifamily developments but also on providing various services including acquisition and property management for high-net-worth individuals and institutional investors. With over $7.9 billion in transactions completed and more than 2,000 apartment units developed, Capital Square is recognized for its growth and commitment to quality.
Frequently Asked Questions
What is CSRA Opportunity Zone Fund VII?
CSRA Opportunity Zone Fund VII is a fundraising initiative launched by Capital Square, aimed at developing multifamily housing in Scott's Addition.
How much was raised through Fund VII?
The fund successfully raised approximately $65 million from accredited investors.
What types of amenities will the new development include?
A resort-style pool, fitness center, co-working spaces, and rooftop terrace are among the amenities planned for the new community.
What impact do Capital Square's developments have on the community?
The developments create jobs, generate tax revenue, and improve the local quality of life, making a significant impact on the community.
When is the expected delivery of the development?
The development of the CSRA Opportunity Zone Fund VII is slated for delivery in summer 2025.
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