350-unit apartment complex coming to Richmond’s Scott’s Addition
Capital Square, Greystar to develop property, plus retail space
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.
“Richmond has evolved as one of the most compelling real estate markets in the mid-Atlantic, and Scott’s Addition has become a huge part of the city’s soul,” John Clarkson, managing director of Greystar’s mid-Atlantic development division, said in a statement. “We could not be more excited to blend our development experience with Capital Square’s capital ingenuity and local market knowledge to develop this transformational project.”
Established in 1901, Scott’s Addition is a designated opportunity zone that stretches from the campus of Virginia Commonwealth University to Richmond’s Carver neighborhood. Opportunity zones, of which there are many across the commonwealth, were created by Congress to stimulate long-term private investments in low-income urban and rural communities.