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Capital Square has completed its $48.5-million equity raise to develop a 20-story Class A multifamily tower in the Warehouse District of Raleigh, NC

Capital Square Completes $49M Equity Raise to Develop $121M Tower in Raleigh

Glen Allen, VA-based Capital Square has completed its $48.5-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, NC.

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 project will include a luxury multifamily community with approximately 8,384 square feet of retail space and a standalone parking structure with 437 spaces. The development is located within the city’s Warehouse District, at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh.

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.

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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Development
  • ◦Financing
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