Capital Square Breaks Ground on Fifth Opportunity Zone in Virginia
Capital Square, a sponsor of tax-advantaged real estate investments and developer of multifamily communities, has started construction on a 352-unit Class A multifamily development in the Scott’s Addition neighborhood of Richmond, Virginia.
Located at 2929 W. Clay St., 2922 W. Marshall St., and 2925 W. Marshall St., the community will include three seven-story adjoining multifamily buildings above podium parking with over 5,350 square feet of ground-level retail space. The development is expected to be completed by Spring 2025 and is located within a designated qualified opportunity zone.
Capital Square has completed the construction of three Class A multifamily communities within Scott’s Addition neighborhood since 2020, and upon completion of the Marshall/Clay Street project, it will deliver more than 900 Class A apartment homes to the community. The development of the project will be primarily funded with proceeds from Capital Square’s seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII.