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Capital Square Launches CSRA Opportunity Zone Fund IX to Develop Mixed-Use Apartment Community and Hotel in Richmond, Virginia

June 24, 2024
OZ Fund IX Rendering

RICHMOND, Va. (June 24, 2024) – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today the launch of CSRA Opportunity Zone Fund IX, LLC. The project-specific opportunity zone fund will raise capital to develop an approximately 320-unit, mixed-use apartment community and luxury hotel in the Scott’s Addition designated opportunity zone in Richmond, Virginia. CSRA Opportunity Zone Fund IX seeks to raise $77 million in equity from accredited investors.

Capital Square is one of the most active developers of opportunity zone-funded multifamily projects in the country, having invested over $230 million in equity in the last five years towards the construction of eight developments, totaling over 1,600 residential units and 40,000 square feet of retail. Four developments, totaling 600 units, are located in Scott’s Addition and have delivered and stabilized, having returned over $20 million to date to investors in net proceeds from refinancings.

“This is Capital Square’s ninth opportunity zone fund. In each case, Capital Square purchased a lot in an opportunity zone that qualifies for tax benefits,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Next, the firm develops a Class A building with proceeds from each fund and a construction loan. Then, the firm completes construction and leases the building to stabilization. The last step is to complete permanent financing with excess proceeds that are used to make a special distribution to the investors (free of tax) in advance of their tax due date. This high level of performance is a powerful testament to the strength of Capital Square’s development team who have delivered on schedule and on budget in spite of the pandemic, labor and material shortages and persistent inflation.”

Located at 1600 Roseneath Road at the “main and main” intersection of Scott’s Addition, the 2.18-acre property will feature approximately 220 traditional apartment units and 100 furnished luxury apartment hotel rooms. The property is within walking distance of a large concentration of popular breweries, farm-to-table restaurants with award-winning chefs, small businesses, lifestyle amenities and museums, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture. A full-service, 47,000-square-foot Whole Foods is located less than five minutes from the project, and Broad Street, with numerous services and amenities, including a GRTC Pulse rapid transit station are within blocks of the project.

“Having successfully executed, and even exceeded expectations, on our previous developments in the market, we are poised to once again deliver class-leading product to a clearly under supplied Scott’s Addition,” said Whitson Huffman, co-chief executive officer. “The lease-up pace and lease renewal activity in our newly delivered buildings show us that more units are in demand, and the hotel component will be the only nightly stay option in all of Scott’s Addition. We are excited to build off of our previous success and continue to raise the bar in Richmond.”

This marks Capital Square’s sixth development in Richmond’s vibrant Scott’s Addition neighborhood. Previously, Capital Square fully subscribed CSRA/GS Opportunity Zone V, LLC to fund the development of The Otis, a 350-unit multifamily community with ground-floor retail space, as well as CSRA Opportunity Zone Fund VII, LLC to fund the development of 352 apartment units at 2950 W. Marshall Road. Prior to that, Capital Square launched a trio of developments – Scott’s Collection I, II and III – each featuring a single-structure, ground-up development of Class A multifamily communities ranging in size from 60 to 80 units. In total, Capital Square has delivered, or is in the process of developing, over 1,230 multifamily units and 40,000 square feet of retail space within the Scott’s Addition opportunity zone.

According to an economic impact study completed in 2023 by FTI Consulting, Capital Square’s Scott’s Addition-focused opportunity zone developments have generated significant economic and fiscal impacts, including the creation of approximately 1,500 construction jobs and 63 permanent full-time jobs. In turn, the developments have generated $9.7 million in annual state and local tax revenue during their construction phases and are projected to deliver $7.7 million in annual state and local tax revenues during their operational phases.

Established in 1901, Scott’s Addition is a historic area that is now the city of Richmond’s fastest growing neighborhood, according to the Scott’s Addition Boulevard Association. Once a hub for trade and manufacturing, the Scott’s Addition neighborhood and historic district has become the region’s most popular entertainment locale known for its food, drink and entertainment amenities, including 13 breweries, cideries, meaderies and distilleries. The 20-block neighborhood offers exceptional accessibility to Interstate 95, I-64, I-195, the Powhite Parkway and downtown Richmond, while also being only 10 minutes from the 600-acre James River Park System.

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 vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion and a real estate investment trust (REIT). The company is also an active developer and manager of multifamily communities. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume. Capital Square’s mixed-used development projects total over 2,000 apartment units with a total development cost in excess of $790 million, and Capital Square Living, the firm’s property management division, now manages over 7,000 apartments across multiple states. 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. Recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years, Capital Square raises capital, buildings and expectations. Learn more at

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 multifamily 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. Private placements are speculative. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link:


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