RICHMOND, Va. (June 23, 2021) – The development division of Capital Square, a leading sponsor of tax-advantaged real estate investments, announced today the topping out of Scott’s Collection I, a luxury multifamily community in the Scott’s Addition designated opportunity zone in Richmond, Virginia.
“This is an important milestone in the successful development of Scott’s Collection I in Richmond’s Scott’s Addition neighborhood,” said Louis Rogers, founder and chief executive officer. “In spite of the pandemic, Capital Square is on schedule and on budget with the first of many developments that are reinvigorating this historic Richmond neighborhood. Capital Square is pleased to be a part of the revitalization of Scott’s Addition and to help drive economic growth and job creation in our hometown.”
Located at 3000-3008 West Clay St., Scott’s Collection I is a single-structured, ground-up development that will include a five-story, luxury multifamily community with 80 units, private unit balconies and a lobby area. A ceremony was held by Capital Square and UrbanCore Construction, the general contractor of the project, to celebrate the topping out.
“Thanks to our construction team at UrbanCore and all of our other partners on this project, who have worked so hard to develop a best-in-class, luxury multifamily community under challenging circumstances,” said Adam Stifel, executive vice president of development. “It is no small feat getting to this point on time and within budget, given the pandemic and today’s construction environment.”
Scott’s Collection I is the first in a trio of developments that will make up “Scott’s Collection” in Scott’s Addition.
Opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. 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.
About Capital Square
Capital Square is a national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion. Since 2012, Capital Square has completed more than $3 billion in transaction volume. Capital Square’s executive team has decades of experience in real estate investments. Its founder, Louis Rogers, has structured hundreds of investment offerings totaling in excess of $5 billion. Capital Square’s related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management, and disposition, for a growing number of high net worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their “Best Places to Work in Virginia” report in 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSquare1031.com.
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