The development marks the company’s fifth opportunity zone project in the area over the past four years. Credit: mosher via Shutterstock.

Capital Square has reached a significant milestone with the topping out of Chasen, a 352-unit multifamily community in Richmond, Virginia, US.

Located in the Scott’s Addition qualified opportunity zone, the development is a product of equity raised by CSRA Opportunity Zone Fund VII.

Breaking ground in April 2023, it marks the company’s fifth opportunity zone project in the area over the past four years.

The Chasen community, upon its expected completion in mid-2025, will feature three six- and seven-storey adjoining buildings offering studio to three-bedroom apartments, each averaging 845ft². The homes’ finishes include quartz countertops and luxury vinyl plank flooring.

More than 5,350ft² of retail space will also be available at ground level.

Residents of Chasen will enjoy on-site amenities, including a saltwater pool, a fitness club, and a co-working lounge. The development is within walking distance of Scott’s Addition’s 51-plus retail, dining, and entertainment venues.

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The historic district, established in 1901, is known for its breweries and distilleries and has transformed into a dining and entertainment destination.

The project team for Chasen comprises several local companies, including Timmons Group as the civil engineer and Poole & Poole Architecture as the building architect.

Capital Square has delivered over 900 Class A apartment homes to Scott’s Addition, with Chasen being the latest addition.

The development is also contributing to the local economy. Approximately 1,500 construction jobs and 63 permanent full-time jobs have been created as a result of Capital Square’s developments in Scott’s Addition.

The company continues to invest in the area, with plans to raise $77m through CSRA Opportunity Zone Fund IX for a sixth mixed-use apartment community and a luxury hotel.

Capital Square co-CEO Whitson Huffman said: “The current economic environment has posed significant challenges to financing and construction costs for developments nationwide, which makes this topping out not only a milestone for the project but a testament to the hard work and collaboration of every individual involved.

“The Capital Square team was able to persevere through these challenges and we look forward to delivering yet another luxury multifamily community to the Scott’s Addition qualified opportunity zone.”