Capital Square Completes Multifamily Community in Virginia Opportunity Zone
Capital Square has completed and opened Chasen, a 352-unit, Class A, multifamily community within the Scott’s Addition qualified opportunity zone in Richmond, Va.
The completion marks the firm’s fifth opportunity zone development delivered in the Scott’s Addition neighborhood.
Chasen was funded with proceeds from Capital Square’s seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones.
The topping out of Chasen was reported by AltsWire in December 2024.
The grand opening event, held Feb. 6, featured local dignitaries, including Richmond Mayor Dr. Danny Avula, Katherine Jordan of Richmond City Council, Louis Rogers and Whitson Huffman, co-chief executive officers of Capital Square, and other key partners and development team leaders. After the reception and speeches, attendees toured the building’s residences and amenity spaces.
“The opening of Chasen represents another important milestone for Capital Square and for the continued evolution of Scott’s Addition,” said Whitson Huffman, co-CEO and chief investment officer of Capital Square. “A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to creating high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott’s Addition’s position as one of Richmond’s most dynamic and desirable neighborhoods.”
Located in the heart of Scott’s Addition, the community includes three six- and seven-story residential buildings above podium parking with over 5,350 square feet of ground-level retail space. Units average 845 square feet with premium appliances and finishes, including quartz countertops, tile back splashes and luxury tile throughout. Community amenities include a resort-style pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, courtyards, and a rooftop terrace.
Capital Square has developed multiple projects in the Scott’s Addition neighborhood since 2020, having completed five Class A mixed-use multifamily communities: INK at Scott’s Collection, VIV at Scott’s Collection, GEM at Scott’s Collection, Otis and Chasen, all within walking distance of one another.
Natalie Mason, co-head of development at Capital Square, added, “Scott’s Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We’re excited to give people the opportunity to live here and experience everything this area has to offer.”
More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of another luxury multifamily development in the Scott’s Addition neighborhood.
According to an economic impact study completed by FTI Consulting, Capital Square’s Scott’s Addition-focused opportunity zone developments have generated economic and fiscal impacts, including the creation of approximately 372 jobs annually during the construction phase as well as a projected $2.8 million in local and state taxes also during construction. Capital Square’s total Scott’s Addition development footprint represents approximately $470 million in gross asset value, including 35,000 square feet of retail and a total of 1,232 units stabilized, under construction or in development.
Since its founding in 2012, Capital Square has acquired more than 175 real estate assets on behalf of over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code, along with seeking stable cash flow and capital appreciation.
Last month, AltsWire reported on the contribution of Promenade at Newnan Crossing Apartments to Capital Square Housing Trust, a non-traded real estate investment trust sponsored by Capital Square. Through an umbrella partnership real estate investment trust, or UPREIT, transaction, more than 55% of the Delaware statutory trust owners in CS1031 Promenade at Newnan Crossing Apartments, DST, exchanged their DST interests for limited partnership units in the REIT’s operating partnership in a tax-advantaged transaction under Section 721 of the Internal Revenue Code.
Since 2012, Capital Square has completed more than $8.9 billion in transaction volume. Its mixed-use development projects total over 2,000 apartment units with a total development value in excess of $800 million, and Capital Square Living, the firm’s property management division, oversees more than 13,000 apartments across multiple states.
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