Capital Square and real estate company Greystar have announced the acquisition of a two-acre development site in Richmond, Virginia’s Scott’s Addition opportunity zone. The land will be used for the development of 1601 Roseneath Road, a 350-unit multifamily development with ground-floor retail space.
Located at the intersection of two main thoroughfares in Scott’s Addition, the property will consist of a six-story, Class A multifamily community with 15,000 square feet of retail space. The more than two-acre property will have 380 onsite parking spaces. Capital for the development is being raised through CSRA/GS Opportunity Zone V LLC, a $32,396,000 project-specific opportunity zone fund that is open to accredited investors. The project is Capital Square’s fourth project in the Scott’s Addition designated opportunity zone.
“Richmond has evolved as one of the most compelling real estate markets in the Mid-Atlantic, and Scott’s Addition has become a huge part of the city’s soul,” said John Clarkson, managing director at Greystar’s Mid-Atlantic development division. “We could not be more excited to blend our development experience with Capital Square’s capital ingenuity and local market knowledge to develop this transformational project.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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