Richmond developer raises $7M for apartment building in Scott’s Addition
Five-story building on West Clay Street will have 80 apartments.
Capital Square Realty Advisors LLC, a Henrico County-based real estate investment and management company, announced Monday that it has raised $7 million from investors for a five-story, 80-unit apartment building in the city’s popular Scott’s Addition neighborhood.
Scott’s Collection I, which will be located on a 0.54-acre lot at the corner of 3000-3008 W. Clay St. and Altamont Avenue, is being funded via a project-specific opportunity zone fund. Capital Square plans to break ground on the project this summer and the developer has previously said it would be ready for tenants in fall 2021.
“Capital Square is gratified by the strong interest from investors in the Richmond area and nationwide,” said Louis Rogers, founder and chief executive officer of Capital Square. “Scott’s Addition is truly a national story – an industrial area that is being transformed into a highly desirable live-work-and-play neighborhood.”
Capital Square is also developing a six-story, 350-unit mixed-use apartment complex in Scott’s Addition on a city block bordered by Roseneath Road, Mactavish Avenue and West Moore and Norfolk streets. Capital Square Realty Advisors is raising $32.4 million towards the project, which will also be funded via an opportunity zone fund.
The Scott’s Collection I building is the first of three smaller Scott’s Collection buildings being developed by Capital Square in Scott’s Addition. Scott’s Collection II is a proposed five-story, 60-unit apartment building at 2900 W. Clay St., and Scott’s Collection III would be a 70-unit building at Moore Street and Altamont Avenue.