Capital Square will soon be adding to Raleigh, N.C.’s luxury rental housing stock after topping out its latest residential tower. The firm topped out 320 W. South St. after first starting construction on the project in summer 2022. The community is expected to be completed by spring 2025.
Capital Square is funding the development of 320 W. South St. with its sixth qualified Opportunity Zone fund, CSRA Opportunity Zone Fund VI, LLC, since the project is located within a qualified Opportunity Zone. The developer tapped JDAVIS Architects as the building’s architect and EDSA as the landscape designer. The project team also includes W.M. Jordan Co. as the general contractor and York Properties as the retail leasing agent.
When completed, the 20-story multifamily tower will offer 297 units in studio, one-, two- and three-bedroom units. The Class A community will include a pool, rooftop lounge, coworking space and fitness center, as well as a parking structure with more than 400 spaces and more than 10,500 square feet of ground-floor retail space.
Located in Raleigh’s Warehouse District, 320 W. South St. will be within walking distance of downtown’s many retail, restaurant and nightlife options. The community is also adjacent to the U.S. 70, which gives residents direct access to the Research Triangle Park and the state’s many universities.
Even More Opportunity Zone Funds
With Capital Square’s sixth Opportunity Zone fund closed and already having funded its 320 W. South St. project, the firm has already started working on other funds. Capital Square launched CSRA Opportunity Zone Fund VII, LLC that will be used to fund the development of a luxury community in the Scott’s Addition neighborhood of Richmond, Va. The firm landed financing for the 352-unit residential project in September.
Beyond its sixth and seventh funds, Capital Square also launched CSRA Opportunity Zone Fund VIII, LLC that will be used to help finance the construction of a Class A apartment community next to the University of Tennessee in Knoxville, Tenn. Capital Square broke ground on Livano Knoxville in June, which will offer 348 units in studio, one-, two- and three-bedroom floorplans.
