Capital Square has announced the launch of its sixth Opportunity Zone fund, a single asset QOF that will develop a 297-unit multifamily project in downtown Raleigh, North Carolina. The development will be a 20-story building that includes approximately 8,400 square feet of ground floor retail as well as an adjacent parking structure with 437 spaces.
The project is located at 320 West South Street in Raleigh’s Warehouse District. The Raleigh/Durham market recently took the top spot in PwC’s Top 10 Real Estate Markets for 2021 list. Raleigh is home to eight Opportunity Zones, while Durham has seven.
Capital Square will raise approximately $48.5 million in equity from accredited investors.
Capital Square presented this OZ deal at the July 2021 OZ Pitch Day: