February 25, 2020
Capital Square Realty Advisors, LLC, a sponsor of tax-advantaged real estate investments, has launched CSRA/GS Opportunity Zone V LLC, a project-specific opportunity zone fund.
The fund seeks to raise nearly $32.4 million in equity from accredited investors to develop 1601 Roseneath Road, a 350-unit multifamily community with ground-floor retail space, in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
“Capital Square is thrilled to enter this joint venture with Greystar Real Estate Partners to develop a Class A, mixed-use multifamily community in Scott’s Addition,” said Louis Rogers, founder and chief executive officer. “Greystar is the largest property manager in the nation as well as a top 10 builder and owner of apartment communities.”
Located at the intersection of two main thoroughfares in Scott’s Addition, 1601 Roseneath Road will be a six-story, Class A multifamily community with 15,000 square feet of retail space. The 2.3-acre property will have 380 onsite parking spaces.
Established in 1901, Scott’s Addition is a historic area that is now Richmond’s fastest growing neighborhood and the second-highest performing market with 97.6 percent occupancy, according to Yardi Matrix. Apartment rental rates in the neighborhood have increased 8.1 percent on a year-over-year basis and are projected to increase 3 to 4 percent per year for five years.
1601 Roseneath Road is Capital Square’s fourth new project in the Scott’s Addition designated opportunity zone. Previously, Capital Square launched three developments – Scott’s Collection I, II and III – within a few blocks of the 1601 Roseneath Road project.
The Scott’s Collection projects each include a single-structure, ground-up development with Class A multifamily communities ranging in size from 60 to 80 units, and will include private unit balconies, a lobby area and onsite parking.
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