January 8, 2021
A 350-unit mixed-use apartment building is coming to Richmond’s Scott’s Addition neighborhood by late 2022 or early 2023, Glen Allen-based real estate investment company Capital Square and Charleston, South Carolina-based real estate developer Greystar announced Thursday.
Capital Square and Greystar purchased 2.28 acres of land in Scott’s Addition for $8.6 million that will be used for the development of the six-story 1601 Roseneath Road apartment complex, which will also include 15,000 square feet of retail space. This marks Capital Square’s fourth Scott’s Addition project.
“We are thrilled that Greystar selected Capital Square as their capital partner to develop the premier mixed-use apartment community in Scott’s Addition that will serve to complement the three projects Capital Square is developing in the area,” Capital Square founder and CEO Louis Rogers said in a statement.
Capital for the development is being raised through CSRA/GS Opportunity Zone V LLC, a $32.4 million project-specific opportunity zone fund. The project is being developed by Capital Square and Greystar and is expected to open during the fourth quarter of 2022 or the first quarter of 2023. Demolition and abatement of the property have already begun, according to Capital Square.
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