RALEIGH, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the topping out of a 20-story Class A multifamily tower at 320 W. South Street in the Warehouse District of Raleigh, North Carolina within a qualified opportunity zone.
"This 20-story, trophy multifamily tower is Capital Square's crowning achievement in Raleigh," said Louis Rogers, founder and co-chief executive officer of Capital Square. "Capital Square is pleased to be a part of something bigger than ourselves the transformation of downtown Raleigh."
Located at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh, 320 W. South Street will be one of only a select few luxury rental housing communities in the downtown submarket. The project includes 297 apartment homes, consisting of studios and one-, two- and three-bedroom units, along with 10,500+ square feet of ground-floor retail space and an adjacent, standalone parking structure with over 400 spaces. Onsite amenities will include a resort-style swimming pool, rooftop lounge, coworking space and state-of-the-art fitness center.
The apartment community is within easy walking distance of multiple downtown entertainment, bars and restaurant options, as well as the Red Hat Amphitheater and Raleigh Convention Center. Meanwhile, the property's location, adjacent to U.S. 70, offers outstanding access to the Research Triangle and North Carolina's well-known educational institutions.
"Capital Square is proud to mark this important milestone in the development of 320 West South Street, where residents of this elegant property will enjoy the finest amenities and spectacular views of the downtown Raleigh skyline and Red Hat Amphitheater," said Whit Huffman, co-chief executive officer. "Perhaps more importantly, this is an important step in the continuing transformation of the Raleigh Warehouse District into a vital and thriving 24-hour neighborhood, which will be accelerated by the arrival of hundreds of families who will make 320 West South Street and the surrounding neighborhood their home."
Capital Square has partnered with JDAVIS Architects as building architect, W. M. Jordan Company as general contractor and York Properties as the retail leasing agent for the property. The design team also includes Architecture Firm as interiors designer and EDSA as landscape designer.
Development of 320 West South Street has been funded by Capital Square's sixth qualified opportunity zone fund, CSRA Opportunity Zone Fund VI, LLC. More recently, Capital Square launched CSRA Opportunity Zone Fund VII, LLC to fund the development of a luxury multifamily development in the Scott's Addition neighborhood of Richmond, Virginia, and CSRA Opportunity Zone Fund VIII, LLC to help finance the construction of a Class A apartment community adjacent to the University of Tennessee in Knoxville.
Capital Square's opportunity zone funds have initiated in excess of $590 million in development value to-date.