Capital Square Celebrates Grand Opening of Chasen, a Multifamily Community in Richmond's Scott's Addition Opportunity Zone

RICHMOND, Va., Feb. 9, 2026 /PRNewswire/ -- Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities across the nation, has officially opened Chasen, a 352-unit, Class A, multifamily community in Richmond, Virginia's Scott's Addition qualified opportunity zone. This milestone marks the firm's fifth successful opportunity zone development completed in Richmond's premier dining and entertainment neighborhood.

The grand opening event, held on Friday, February 6, featured a host of local dignitaries, including Richmond Mayor Dr. Danny Avula, Katherine Jordan of Richmond City Council, Capital Square Co-CEOs Louis Rogers and Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building's market-leading residences and amenity spaces.

"The opening of Chasen represents another important milestone for Capital Square and for the continued evolution of Scott's Addition," said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. "A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to creating high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott's Addition's position as one of Richmond's most dynamic and desirable neighborhoods."

Located in the heart of Scott's Addition, the community includes three six- and seven-story residential buildings above podium parking with over 5,350 square feet of ground-level retail space. Units average 845 square feet with premium appliances and finishes, including quartz countertops, tile back splashes and luxury tile throughout. Community amenities include a resort-style zero-edge pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, lush courtyards with native Virginia landscaping and a rooftop terrace.

Capital Square has been the most active developer within the Scott's Addition neighborhood since 2020, having completed five Class A mixed-use multifamily communities: INK at Scott's Collection, VIV at Scott's Collection, GEM at Scott's Collection, Otis and Chasen, all within walking distance of one another.

The project team included Poole & Poole Architecture as building architect, Timmons Group as civil engineer and Hourigan Construction as general contractor. The design team included ENV as interior designer and Marvel Designs as landscape designer.

Chasen was funded with proceeds from Capital Square's seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. 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. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of another luxury multifamily development in the Scott's Addition neighborhood.

Natalie Mason, co-head of development at Capital Square, added, "Scott's Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We're excited to give people the opportunity to live here and experience everything this area has to offer."

According to an economic impact study completed by FTI Consulting, Capital Square's Scott's Addition-focused opportunity zone developments have generated significant economic and fiscal impacts, including the creation of approximately 372 jobs annually during the construction phase as well as a projected $2.8 million in local and state taxes also during construction. Capital Square's total Scott's Addition development footprint represents approximately $470 million in gross asset value, including 35,000 square feet of retail and a total of 1,232 units stabilized, under construction or in development.

Capital Square and VCUarts have also partnered to create the Capital Prize, two juried exhibitions of artwork by VCUarts Painting + Printmaking alumni with award prizes. The first round exhibition, installed in the lobby of Chasen, showcases artwork from 20 alumni artists.

Since its founding in 2012, Capital Square has acquired more than 175 real estate assets on behalf of over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code, along with seeking stable cash flow and capital appreciation.

About Capital Square
Capital Square is a vertically integrated, national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, and a real estate investment trust (REIT) for stable income and growth. The company is also an active developer and manager of multifamily communities. Since 2012, Capital Square has completed more than $8.9 billion in transaction volume. Its mixed-use development projects total over 2,000 apartment units with a total development value in excess of $800 million, and Capital Square Living, the firm's property management division, oversees more than 13,000 apartments across multiple states. Capital Square's related entities provide a range of services – including due diligence, acquisition, loan sourcing, property/asset management and disposition – for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. The company has been recognized by Inc. 5000 as one of the fastest-growing private companies in the nation for nine consecutive years. Learn more at CapitalSq.com.

Disclosure
Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to sell any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative and illiquid. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: https://brokercheck.finra.org/.

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SOURCE Capital Square