May 28, 2021
Tax-advantage real estate sponsor Capital Square and its construction partners broke ground in May on Scott’s Collection III, the last of the three Scott’s Collection developments in the Scott’s Addition Qualified Opportunity Zone in Richmond, Virginia.
The Scott’s Collection III development stems from CSRA Opportunity Zone Fund III, LLC, a project-specific Opportunity Zone fund launched in December 2019. The five-story luxury multifamily community is situated on 0.5 acres and is set to offer 72 units with private balconies, along with a 3,000-square-foot elevated courtyard, 2,500 square feet of ground floor space, and 61 on-site parking spaces.
Development partners include architect 510 Architects, general contractor Urbancore Construction, finance provider Fulton Bank, and property manager Greystar.
“This groundbreaking represents the culmination of three years of work, fundraising, educating our investor base on Opportunity Zones, and countless hours of planning, design, project management, sourcing debt, and contracting,” says Adam Stifel, executive vice president of development at Capital Square. “We set out with a vision to provide a best-in-class boutique apartment product across three buildings, which will each benefit from the combined amenities package. Each of the buildings have different offerings and different personalities. We are very excited that with this groundbreaking the entire collection is out of the ground and the culmination of our efforts is in sight.”
The Scott’s Addition neighborhood and designated Opportunity Zone is among Richmond’s fastest-growing residential neighborhoods, according to Yardi Matrix, with 95.5% occupancy as of March. Yardi Matrix also anticipates that rents in Scott’s Addition will increase by 3% to 4% every year for the next three years.
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