Capital Square launches new opportunity zone fund focused on Tennessee multifamily market

Capital Square, a major U.S. sponsor of tax-advantaged real estate investments and an active developer of multifamily communities, has launched a new project-specific opportunity zone fund, CSRA Opportunity Zone Fund VIII.

The vehicle seeks to raise $46.684 million in equity from accredited investors.

Opportunity zones were created as part of the Tax Cuts and Jobs Act of 2017 to stimulate long-term private investments in low-income urban and rural communities nationwide. Opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.

CSRA Opportunity Zone Fund VIII will raise capital to develop Livano Knoxville, a 348-unit, class A, multifamily community located in the South Knoxville neighborhood of Knoxville, Tenn. The project is valued at $116 million. The multifamily community will include studio, one-, two- and three-bedroom apartment homes averaging 930 square