Capital Square Raises $65M for Richmond OZ Fund

Capital Square raised $65 million for its Opportunity Zone Fund VII to develop a 352-unit multifamily project in Richmond’s Scott’s Addition, set for completion by summer 2025.

September 24, 2024

Capital Square has announced the full subscription of its CSRA Opportunity Zone Fund VII, LLC, raising nearly $65 million from accredited investors. The fund will support the development of a 352-unit multifamily community in Richmond, Virginia’s Scott’s Addition, a designated opportunity zone.

Situated in Richmond’s premier dining and entertainment district, the project will feature three six- and seven-story buildings with podium parking and over 5,350 square feet of retail space. The luxury apartments will offer premium finishes and community amenities, including a resort-style pool, fitness center, coworking space, and rooftop terrace. The project is expected to be completed by summer 2025.

Louis Rogers, founder and co-CEO of Capital Square, praised the development team’s success in delivering high-quality, budget-conscious projects. This is the seventh opportunity zone fund for Capital Square, which has been an active developer in Scott’s Addition, having completed four other Class A multifamily projects in the neighborhood since 2020.

Capital Square’s developments in the area have generated significant economic impact, creating 1,500 construction jobs and $9.7 million in annual state and local tax revenue during the construction phases. The firm continues to be a major player in the opportunity zone market, focusing on high-quality housing in growing urban areas.