Project-Specific OZ Fund to Develop Apartment in Historic Charleston
December 18, 2019
CHARLESTON, SC—Capital Square, a sponsor of tax-advantaged real estate investments, announced the launch of CSRA Opportunity Zone Fund IV, LLC. The project-specific opportunity zone fund is raising capital to develop 529 King Street, a 50-unit, luxury apartment hotel and retail property within a designated opportunity zone in the heart of Charleston’s historic King Street corridor.
CSRA Opportunity Zone Fund IV, LLC seeks to raise $7.7 million in equity from accredited investors. The fund has a minimum investment of 100 investor units or $100,000.
A spokesperson for Capital Square tells GlobeSt.com that several investors are already committed. The total cost of the project is $49 million. An old building on the site, which Capital Square acquired in June, will be demolished.
“Capital Square is pleased to launch its latest project-specific opportunity zone fund following successful fundraising efforts for CSRA Opportunity Zone Fund I and Fund II,” said Louis Rogers, founder and CEO of Capital Square. “CSRA Opportunity Zone Fund IV offers investors the opportunity to own generational real estate on historic King Street in Charleston, named one of the top shopping streets in the nation by U.S. News and World Report.”
The 529 King Street development is a single-structure development that will include:
a five-story structure with 50 luxury apartment hotel units,
4,218 square feet of street-front retail space,
44 valet-operated parking spaces,
courtyard, a rooftop lounge and a small fitness center, library and co-working space on each floor.
The project will be co-developed with the Method Company, a development, management, hospitality and design firm founded to bridge hospitality-based operations and real estate development to create both singular businesses and best-in-class brands. The finished property will operate under Method’s ROOST Apartment Hotel brand.