RICHMOND, Va., Sept. 20, 2021 /PRNewswire/ -- Capital Square, a leading sponsor of tax-advantaged real estate investments, announced today the launch of CSRA Opportunity Zone Fund VI, LLC. The project-specific opportunity zone fund is raising capital to develop 320 West South Street, a 297-unit, luxury multifamily community with ground-floor retail space situated steps away from downtown Raleigh. CSRA Opportunity Zone Fund VI seeks to raise $48,451,000 in equity from accredited investors.
"Capital Square launched CSRA Opportunity Zone Fund VI, LLC, the firm's sixth opportunity zone fund, in response to strong demand from financial advisors across the nation," said Louis Rogers, founder and chief executive officer. "The fund combines the many benefits of tax deferral and exclusion from being in a qualified opportunity zone plus exceptional economics associated with a 20-story development in downtown Raleigh, the state capital of North Carolina. Capital Square invests in state capitals, such as Raleigh and Richmond, Virginia, where the firm's headquarters is located, because state capitals are insulated by the government from big economic swings and rarely suffer a downturn, even during a recession."
The completed project will include a 20-story, luxury multifamily community with approximately 8,384 square feet of ground-floor retail space, as well as an adjacent, standalone parking structure with 437 spaces.
The development is situated within the Warehouse District of Raleigh's central business district, at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown. The community is within walking distance to several of Raleigh's prominent attractions, as well as galleries, art studios and dining and beverage options.
"320 West South Street represents a new standard in rental housing in downtown Raleigh," said Adam Stifel, executive vice president of development. "The property will have the absolute best views of downtown Raleigh and Dix Park, and also the best in market amenities and finishes, including a rooftop deck and club room overlooking the Redhat Amphitheater and downtown skyline, a state-of-the-art gym, and the largest pool and amenity deck in the downtown market. In addition, Raleigh is the second most-populous city in North Carolina, the largest city in the Research Triangle metro area, and home to many nationally ranked colleges and universities that further insulate the economy from economic downturns."
Raleigh recently ranked number one on the "Top 10 Real Estate Markets to Watch for 2021" list by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI). According to Yardi Matrix, year-over-year multifamily rent growth in downtown Raleigh is projected to be 3.1% in 2023 and 3.0% in 2024.
Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. 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.
About Capital Square Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $3 billion in transaction volume. Capital Square's executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. 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. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.
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