Capital Square acquires parcel for opportunity zone development in Virginia
Capital Square, a leading sponsor of tax-advantaged real estate investments, has acquired a parcel of land in Richmond, Va., Scott’s Addition opportunity zone. The land will be used to develop Scott’s Collection II, a class A, 60-unit multifamily community.
“Capital Square is one of the most active multifamily investors in the Richmond area,” said Louis Rogers, founder and chief executive officer. “This land acquisition allows Capital Square to continue to grow by developing our own properties. We are very excited to close on the acquisition of this parcel of land, which is not only located in Richmond’s second-highest performing multifamily market but is also in an opportunity zone where we can help promote economic growth with exceptional tax benefits in our home city.”
Located at 2900–2904 West Clay St., the ground-up development will include a five-story, class A multifamily community with 60 units and onsite parking spaces.
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