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.