Richmond, VA
RICHMOND, VA—Locally-based Capital Square has debuted a property-specific Opportunity Zone fund, which will develop a multifamily property in a designated Opportunity Zone in Richmond, VA called Scott's Addition.
“The fund will promote economic growth in our home city, with the development of a Class A multifamily community in the Scott's Addition neighborhood,” said CEO Louis Rogers, who adds this is the company's first Opportunity Zone fund.
Located at 3000–3008 West Clay St., the property, Scott's Collection I, is a five-story ground-up development that will have 80 units.
Established in 1901, Scott's Addition is a historic area that is now Richmond's fastest growing neighborhood and the second-highest performing market with 97.6% occupancy, according to Yardi Matrix. The designated Opportunity Zone that holds Scott's Addition stretches across Virginia Commonwealth University and the Carver neighborhood. Scott's Addition's apartment rental rates have increased 8.1% on a year-over-year basis and are projected to increase 3% to 4% per year for five years.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
