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Capital Square Tops Out Raleigh Opportunity Zone Development

Capital Square Tops Out Raleigh Opportunity Zone Development. 1031, 1031 Exchange, Acquisition, Alternative Investments, Capital Square, Delaware Statutory Trust, DST, Opportunity Zone, Private Placement, Real Estate, Real Estate Assets, Real Estate Investment, Reg D, Regulation D, OZ

Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the topping out of their latest project – a 20-story, Class A multifamily tower at 320 West South Street in the Warehouse District of Raleigh, North Carolina. The development was funded with proceeds from Capital Square’s sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC.

“This 20-story, trophy multifamily tower is Capital Square’s crowning achievement in Raleigh,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Capital Square is pleased to be a part of something bigger than ourselves  the transformation of downtown Raleigh.”

320 West South Street will be one of only a select few luxury rental housing communities in the downtown Raleigh submarket. The project includes 297 apartment homes, consisting of studios and one-, two-, and three-bedroom units, along with more than 10,500 square feet of ground-floor retail space and an adjacent, standalone parking structure with over 400 spaces. Capital Square states that onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space, and state-of-the-art fitness center.

The apartment community is within easy walking distance of multiple downtown entertainment and dining options, while close proximity to U.S. 70 offers outstanding access to the Research Triangle and North Carolina’s well-known educational institutions.

“Capital Square is proud to mark this important milestone in the development of 320 West South Street, where residents of this elegant property will enjoy the finest amenities and spectacular views of the downtown Raleigh skyline and Red Hat Amphitheater,” said Whit Huffman, co-chief executive officer. “Perhaps more importantly, this is an important step in the continuing transformation of the Raleigh Warehouse District into a vital and thriving 24-hour neighborhood, which will be accelerated by the arrival of hundreds of families who will make 320 West South Street and the surrounding neighborhood their home.”

The topping out of 320 West South Street closely follows a similar milestone achieved by Capital Square with their Charleston OZ development, as was previously reported by The DI Wire.

Capital Square’s opportunity zone funds have initiated in excess of $590 million in development value to-date. Capital Square recently launched CSRA Opportunity Zone Fund VII, LLC and CSRA Opportunity Zone Fund VIII, LLC to help fund developments in Virginia and Tennessee, respectively.

Capital Square states that it partnered with JDAVIS Architects as building architect, W. M. Jordan Company as general contractor, and York Properties as the retail leasing agent for the property. The design team also includes Architecture Firm as interiors designer and EDSA as landscape designer.

Since its founding in 2012, Capital Square has reportedly raised more than $3 billion in equity from investors for its various real estate investment offerings, primarily Delaware statutory trust offerings employed to facilitate tax-advantaged 1031 exchanges and qualified opportunity zone funds.

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