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Capital Square Completes Equity Offering in Record Time for CSRA Opportunity Zone Fund VI to Finance Trophy Multifamily Tower Development in Raleigh

February 17, 2022

RALEIGH, N.C. (Feb. 17, 2022) – Capital Square, a leading sponsor of tax-advantaged real estate investments, announced today it has completed its $48.45 million equity raise for CSRA Opportunity Zone Fund VI, LLC. The project-specific opportunity zone fund raised equity from accredited investors to develop 320 West South Street, a 20-story Class A multifamily tower in the Warehouse District of Raleigh, North Carolina.

“The Tax Cuts and Jobs Act of 2017 promotes economic activity in designated opportunity zones by providing tax deferral and exclusion for investors,” said Louis Rogers, founder and chief executive officer. “The opportunity zone legislation is complex and, as drafted, had several open tax issues, resulting in slower adoption of the program. The IRS was diligent in issuing key regulations and, with time for tax and financial advisors to learn about the legislation, fundraising for opportunity zone funds began to increase. In fact, funds were raised in record time for CSRA Opportunity Zone Fund VI, a phenomenal ground-up 20-story Class A multifamily development in Raleigh.”

Groundbreaking on the $121 million project, led by Capital Square Development, is scheduled to take place in April 2022, with completion anticipated by summer 2024.

The completed project will include a luxury multifamily community with approximately 8,384 square feet of ground-floor retail space, as well as an adjacent, standalone parking structure with 437 spaces. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center. The apartment mix will consist of studios and one-, two- and three-bedroom units.

“320 West South Street will deliver a dynamic new luxury multifamily community to a thriving part of Raleigh,” said Adam Stifel, chief development officer. “There is significant demand for a property like this, which will offer residents one-of-a-kind views of downtown Raleigh and high-end amenities that renters expect, such as a state-of-the-art gym, rooftop deck and club room, as well as the largest pool and amenity deck in the downtown market.”

The development is located within the city’s Warehouse District, at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh. The community is within walking distance of several of the area’s prominent attractions, as well as galleries, art studios and dining.

The largest city in the Research Triangle area and the second-most populous city in North Carolina, Raleigh recently ranked first on the “Top 10 Real Estate Markets to Watch for 2021” list by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI). According to Yardi Matrix, year-over-year multifamily rent growth in downtown Raleigh is projected to be 3.1% in 2023 and 3.0% in 2024.

Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. 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 $4.9 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 five consecutive years. Additionally, in 2021, the company was ranked 101st on the list of Inc. 5000 Washington D.C. Metro’s Fastest-Growing Private Companies. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and 2021 as well as on their “Fantastic 50” reports in 2019 and 2020. To learn more, visit

About Capital Square Development

The Capital Square Development team has nearly half a century of combined experience, and has completed more than 30 developments with 5,500 units of multifamily space in the Washington D.C. and Richmond, Virginia areas. The team is a tightknit group of professionals that have worked together for approximately 10 years in various capacities, until coming together at Capital Square when the firm launched its development arm in 2017. In less than three years, the team began the development of four Class A, high-end multifamily properties currently under development in Richmond’s Scott’s Addition designated opportunity zone, among other projects.

Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.


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