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Capital Square and Greystar Acquire Land for High-End, Class A Multifamily Development in Scott’s Addition Opportunity Zone

January 5, 2021

RICHMOND, Va. (Jan. 5, 2020) – Capital Square, a leading sponsor of tax-advantaged real estate investments, and Greystar, a fully integrated real estate company, announced today the acquisition of 2.28 acres of land in Richmond, Virginia’s Scott’s Addition opportunity zone. The land will be used for the development of 1601 Roseneath Road, a 350-unit multifamily development with ground-floor retail space.

“We are thrilled that Greystar selected Capital Square as their capital partner to develop the premier mixed-use apartment community in Scott’s Addition that will serve to complement the three projects Capital Square is developing in the area,” said Louis Rogers, founder and chief executive officer of Capital Square.

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 2.28-acre property will have 380 onsite parking spaces. Capital for the development is being raised through CSRA/GS Opportunity Zone V, LLC, a $32,396,000 project-specific opportunity zone fund that is open to accredited investors.

The project is being developed by Capital Square and Greystar, a global leader in the investment, development and management of high-quality rental housing properties. Based in Charleston, SC, Greystar is the largest manager of multifamily properties in the world and the largest developer of multifamily units in the nation.

“Richmond has evolved as one of the most compelling real estate markets in the Mid-Atlantic, and Scott’s Addition has become a huge part of the city’s soul,” said John Clarkson, Managing Director of Greystar’s Mid-Atlantic development division. “We could not be more excited to blend our development experience with Capital Square’s capital ingenuity and local market knowledge to develop this transformational project.”

Established in 1901, Scott’s Addition is a historic area that is now the City of Richmond’s fastest growing neighborhood and the second-highest performing market with 97.5% occupancy, according to Yardi Matrix. Scott’s Addition is a designated opportunity zone with a census tract that stretches across Virginia Commonwealth University and the Carver neighborhood. Apartment rental rates in the neighborhood have increased 8.1% on a year-over-year basis and are projected to increase 3% to 4% per year for five years.

1601 Roseneath Road is Capital Square’s fourth project in the Scott’s Addition designated opportunity zone. Previously, Capital Square launched a trio of developments – Scott’s Collection I, II and III – within a few blocks of the 1601 Roseneath Road project. The Scott’s Collection projects each feature 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.

Opportunity zones were created by Congress to stimulate long-term private investments in low-income urban and rural communities, along with certain contiguous areas. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.

About Capital Square

Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $2.5 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit

About Greystar

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $160 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States,1 managing more than 713,000 units/beds, and has a robust institutional investment management platform with approximately $37.2 billion of assets under management, including nearly $16 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit

Disclaimer: Securities offered through WealthForge Securities, LLC, member FINRA/SIPC. Capital Square, Greystar and WealthForge are not affiliated. Market information is provided for educational purposes and is general in nature. It may not predict the performance of the property. Opportunity Zone Fund Investments involve a high degree of risk. There are risks associated with acquiring, financing, owning, constructing, leasing and operating multi-family real estate located in Richmond, Virginia. Investor Units do not represent a diversified investment because each of the Opportunity Zone Funds’ activities will be limited to the Property. Although Capital Square and its affiliates have extensive experience in acquiring, improving and operating commercial real estate, Opportunity Zone Funds and the Manager were recently organized and do not have an operating history or significant assets. Investors will rely solely on the Manager to manage a particular Fund and the Property; the Manager will have broad discretion to make decisions regarding the Property. There are substantial risks associated with developing the Property in an economically disadvantaged, qualified opportunity zone that permits investors in a Fund to qualify for available Opportunity Zone Tax Benefits. A Fund may not make capital distributions until the sale or refinancing of the Property, if at all. Real estate related investments involves substantial risks. Funds will pay substantial fees to the Manager and its affiliates (including CS Development). The Investor Units will be highly illiquid; transferability of the Investor Units is restricted and withdrawals of capital contributions are prohibited. Substantial actual and potential conflicts of interest exist among the Funds, the Manager, Capital Square, CS Development and their affiliates. An investor could lose all or a substantial portion of his investment in any of the Funds. There are tax risks associated with an investment in the Investor Units, including the possibility that government regulations regarding Opportunity Zone investments may change.



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