Raleigh’s $121 million Capital Square to break ground in April after opportunity zone fund raises $48.5 million in equity

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A project-specific opportunity zone fund has raised $48.5 million in equity to begin development of a $121 million tower in Raleigh.

The 296-unit Capital Square project is scheduled to break ground in April and be completed by the summer of 2024.

CSRA Opportunity Zone VI LLC, a project-specific opportunity zone fund launched in September 2021, will fund construction of the 20-story building, Multi-Housing News (MHN) reported on Feb. 21. When completed, the project will include a mix of studio, one-, two- and three-bedroom apartments, as well as 8,384 sq. ft. of ground-floor retail space and 437 parking spaces in a separate structure.

Amenities will include a pool, rooftop lounge, coworking space and fitness center.

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