RALEIGH, N.C., Sept. 20, 2021 /PRNewswire/ -- The development arm of Capital Square, a national leader in tax advantaged real estate investments, announced plans today to develop a 20-story Class A multifamily tower at 320 W. South Street in Raleigh's Warehouse District. The 297-unit, approximately $121 million development is expected to be completed by June 2024.
The groundbreaking of the project is tentatively scheduled for April 2022.
Situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, 320 W. South Street will be one of only a handful of luxury rental housing communities in the downtown submarket.
"This is a great location for this type of development; it checks all of the supply and demand boxes," said Adam Stifel, executive vice president of development with Capital Square. "There is a lack of luxury multifamily properties in the downtown submarket, as rental demand for this type of project keeps growing. 320 West South Street will provide a unique housing experience to young professionals interested in establishing a live-work-play lifestyle."
Upon completion, the property will offer 8,384 square feet of ground-floor commercial space and boast an adjacent, stand-alone parking tower with 437 parking spaces for residents. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center. The apartment mix will consist of studios and one-, two- and three-bedroom units.
The apartment community will be within easy walking distance of multiple downtown entertainment, bars and restaurant options, as well as the RedHat Amphitheater and Raleigh Convention Center. Meanwhile, the property's location, adjacent to U.S. 70, will offer outstanding access to the Research Triangle and North Carolina's well-known educational institution.
320 West South Street will be built in downtown Raleigh's designated opportunity zone. Financing will be provided in part by CSRA Opportunity Zone Fund VI, a project-specific fund seeking to raise $48.451 million from accredited investors and a minimum investment of $100,000. The fund is sponsored by Capital Square, a national sponsor of tax-advantaged real estate investments, the parent company of Capital Square Development.
About Capital Square Development
The Capital Square Development team has nearly half a century of combined experience, and has completed more than 30 developments with 5,500 units of multifamily space in the Washington D.C. and Richmond, Virginia areas. The team is a tightknit group of professionals that have worked together for approximately 10 years in various capacities, until coming together at Capital Square when the firm launched its development arm in 2017. In less than three years, the team began the development of four Class A, high-end multifamily properties currently under development in Richmond's Scott's Addition designated opportunity zone, among other projects.
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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SOURCE Capital Square