Capital Square has launched CSRA Opportunity Zone Fund IV.
The project-specific opportunity zone fund is raising capital to develop 529 King Street, a 50-unit, luxury apartment hotel and retail property within a designated opportunity zone in the heart of Charleston, S.C.’s historic King Street corridor.
CSRA Opportunity Zone Fund IV seeks to raise $7.735 million in equity from accredited investors. The fund has a minimum investment of 100 investor units or $100,000.
“Capital Square is pleased to launch its latest project-specific opportunity zone fund following successful fundraising efforts for CSRA Opportunity Zone Fund I and Fund II,” said Louis Rogers, founder and CEO of Capital Square. “CSRA Opportunity Zone Fund IV offers investors the opportunity to own generational real estate on historic King Street in Charleston, named one of the top shopping streets in the nation by U.S. News & World Report. In addition to its stellar location, the property features a world-class, timeless design by New York–based Morris Adjmi Architects, as well as a one-of-a-kind rooftop and courtyard that speak to the historic charm of the neighborhood.”
The 529 King Street development is a single-structure development that will include:
- a five-story structure with 50 luxury apartment hotel units,
- 4,218 square feet of street-front retail space
- 44 valet-operated parking spaces
- lush courtyard that will function as an open-air living room
- rooftop lounge that will be open to the public
- a small fitness center, library and co-working space on each floor
The project will be co-developed with the Method Co., a development, management, hospitality and design firm founded to bridge hospitality-based operations and real estate development to create both singular businesses and best-in-class brands. The finished property will operate under Method’s ROOST Apartment Hotel brand.
“Method Co. is thrilled to be partnering with Capital Square in bringing its ROOST Apartment Hotel brand to the Upper King Street submarket in Charleston, South Carolina,” said David Grasso, co-founder of Method Residential and the ROOST brand. “By marrying best-in-class design in an iconic location with the unmet demand for this burgeoning asset class, we believe that 529 King Street will be uniquely positioned within the market.”
The façade of 529 King Street will be a modern interpretation of the historic Victorian-era aesthetic that is prevalent in Charleston. The project is located on Upper King Street in an area known for its cobblestoned streets, antebellum architecture and growing culinary scene. The project is located within blocks of the College of Charleston, MUSC Health Medical Center, Marion Square and the South Carolina Aquarium, as well as restaurants and bars on the peninsula. More than 300 years old, King Street is a mixed-use corridor that is predominantly made up of shopping and retail amenities.
“Method is an experienced hospitality developer, operator and manager and has proven the success of their ROOST brand with other developments in the U.S.,” said Adam Stifel, executive vice president of development with Capital Square. “The 529 King Street project will fill the demand for longer duration stays in Charleston, which is one of the top-tourist destinations in the world and boasts major employment opportunities in the healthcare, logistics, energy and aerospace industries.”
