Capital Square, a sponsor of tax-advantaged real estate investments, and its construction partners have broken ground on Scott’s Collection III, a 72-unit, luxury multifamily development in the Scott’s Addition qualified opportunity zone in Richmond, VA.

Located at 3001 W. Leigh St., Scott’s Collection III is a ground-up development that will include a five-story, luxury multifamily community with 72 units, private unit balconies and a lobby area. Situated on a half-acre of land, Scott’s Collection III will feature a 3,000-square-foot elevated courtyard, 2,500 square feet of ground-floor space and 61 onsite parking spaces. Scott’s Collection III is the third in a trio of developments that will make up “Scott’s Collection” in Scott’s Addition. The development of Scott’s Collection III is the direct result of CSRA Opportunity Zone Fund III, LLC, a project-specific opportunity zone fund launched by Capital Square in December 2019.

“This groundbreaking represents the culmination of three years of work, fundraising, educating our investor base on opportunity zones, and countless hours of planning, design, project management, sourcing debt and contracting,” said Adam Stifel, executive vice president of development at Capital Square. “We set out with a vision to provide a best-in-class boutique apartment product across three buildings, which will each benefit from the combined amenities package. Each of the buildings have different offerings, and different personalities.