Groundbreaking of Capital Square’s Fifth Opportunity Zone in Virginia

Capital Square, a sponsor of tax-advantaged real estate investments and developer of multifamily communities, has broken ground on its fifth Opportunity Zone project in Virginia. Located at 2929 W. Clay St., 2922 W. Marshall St., and 2925 W. Marshall St., the 352-unit Class A multifamily development is located in the Scott’s Addition neighborhood of Richmond, Virginia and includes three seven-story adjoining buildings above podium parking with over 5,350 square feet of ground-level retail space. The community is expected to be completed by Spring 2025 and will deliver more than 900 Class A apartment homes upon completion – funded primarily with proceeds from Capital Square’s seventh qualified opportunity zone fund (CSRA Opportunity Zone Fund VII). This marks Capital Square’s third construction within Scott’s Addition since 2020