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.