Capital Square’s 80-unit multifamily property in Richmond, Virginia has reached 97% occupancy just four months after completion. The INK property, which includes approximately 80,000 square feet of residential space and 1,900 square feet of retail space, is the first of three development projects in the Scott’s Addition neighborhood of Richmond.
“The quick lease-up of this property has exceeded our expectations but is not surprising given the exceptional quality we’ve delivered with INK to the increasingly popular Scott’s Addition neighborhood,” said Whit Huffman, chief strategy and investment officer. “Demand for quality housing in this emerging part of Richmond is very high, and Capital Square is working hard to help satisfy that demand with this project, as well as the four other multifamily properties we have in various stages of development throughout the neighborhood.”
INK consists of one-bedroom and two-bedroom floorplans with square footage between 585 and 1,130 square feet.
INK was developed within CSRA Opportunity Zone Fund I. Capital Square has subsequently launched several additional single asset OZ funds, and is currently raising $41 million for CSRA Opportunity Zone Fund VII. Successfully raised OZ funds to date have over $300 million in development value.