September 21, 2021
Capital Square, a sponsor of tax-advantaged real estate investments, has launched CSRA Opportunity Zone Fund VI LLC, a project-specific opportunity zone fund that seeks to raise $48.5 million from accredited investors to develop 320 West South Street, a 297-unit multifamily community with ground-floor retail space located in downtown Raleigh, North Carolina.
The fund seeks to raise approximately $48.5 million in equity from accredited investors. The project is located within the Warehouse District of Raleigh’s central business district and will include a 20-story multifamily community with approximately 8,384 square feet of ground-floor retail space, as well as an adjacent, standalone parking structure with 437 spaces.
“Capital Square launched CSRA Opportunity Zone Fund VI LLC, the firm’s sixth opportunity zone fund, in response to strong demand from financial advisors across the nation,” said Louis Rogers, founder and chief executive officer. “The fund combines the many benefits of tax deferral and exclusion from being in a qualified opportunity zone plus exceptional economics associated with a 20-story development in downtown Raleigh, the state capital of North Carolina. Capital Square invests in state capitals, such as Raleigh and Richmond, Virginia, where the firm’s headquarters is located, because state capitals are insulated by the government from big economic swings and rarely suffer a downturn, even during a recession.”
Adam Stifel, executive vice president of development, said that the property will have views of downtown Raleigh and Dix Park, as well as a rooftop deck and club room overlooking the Redhat Amphitheater and downtown skyline, a gym, and “the largest pool and amenity deck in the downtown market.”
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- On September 21, 2021