Capital Square Celebrates Fundraising Success and New Project Launch
Capital Square, a well-regarded name in tax-friendly real estate investment, has reached an important milestone by fully subscribing the CSRA Opportunity Zone Fund VII, LLC. This fund successfully raised around $65 million from accredited investors, setting the stage for a major multifamily community development aimed at improving the living experience within a vibrant neighborhood.
Overview of the Fund VII Project
The CSRA Opportunity Zone Fund VII is set to invest in a 352-unit multifamily community located in the qualified opportunity zone of Scott's Addition. This development aims to not only provide essential housing but also enhance the overall quality of life within the community. The new complex will consist of three six- and seven-story buildings that will include ground-level retail spaces, supporting local businesses and contributing to the neighborhood's economic growth.
Focus on Quality Living and Modern Amenities
At the heart of Capital Square's mission is the delivery of comfortable, appealing living spaces. The newly designed apartments, averaging 845 square feet, come with modern features like quartz countertops and luxury vinyl tile. Future residents can also look forward to a variety of amenities, including a resort-style pool, a cutting-edge fitness center, co-working spaces, and serene courtyards that promote relaxation and a sense of community.
Impact on the Community and Job Opportunities
Capital Square's projects do more than just provide housing; they have a significant positive effect on the local economy. An economic impact study showed that the developments in Scott's Addition have created around 1,500 construction jobs and 63 permanent positions. Additionally, these initiatives are projected to generate millions in annual tax revenue, demonstrating the extensive benefits of thoughtfully planned investments.
Scott's Addition: A Flourishing Neighborhood
Scott's Addition has emerged as one of Richmond's most sought-after neighborhoods, celebrated for its thriving dining and entertainment options, including a multitude of breweries and restaurants. This area attracts a diverse mix of residents, including millennials and empty nesters, making it an excellent location for further growth. Experts anticipate rent increases of over 4% in the coming years within this high-performing submarket.
Continued Expansion with New Fund IX
Capital Square is building on the triumph of Fund VII with the launch of CSRA Opportunity Zone Fund IX, LLC. This new fund aims to finance an exciting mixed-use development featuring a 320-unit apartment community and a luxury hotel. With nearly $800 million initiated in development value to date, Capital Square is dedicated to improving the landscape of Scott's Addition while offering top-notch living options for its residents.
About Capital Square
Established in 2012, Capital Square has distinguished itself as a leader in real estate investment, specializing in tax-advantaged opportunities. The firm not only focuses on multifamily developments but also offers a variety of services, including acquisition and property management for high-net-worth individuals and institutional investors. With over $7.9 billion in completed transactions and more than 2,000 apartment units developed, Capital Square is recognized for its impressive growth and commitment to quality.
Frequently Asked Questions
What is CSRA Opportunity Zone Fund VII?
CSRA Opportunity Zone Fund VII is a fundraising initiative by Capital Square, aimed at creating multifamily housing in Scott's Addition.
How much was raised through Fund VII?
The fund successfully raised around $65 million from accredited investors.
What types of amenities will the new development include?
The new community is set to feature amenities like a resort-style pool, fitness center, co-working spaces, and a rooftop terrace.
What impact do Capital Square's developments have on the community?
The developments create job opportunities, generate tax revenue, and enhance the local quality of life, making a significant contribution to the community.
When is the expected delivery of the development?
The CSRA Opportunity Zone Fund VII development is planned for delivery in summer 2025.
