{"id":2583,"date":"2023-07-24T18:30:03","date_gmt":"2023-07-24T18:30:03","guid":{"rendered":"https:\/\/capitalsquare1.wpengine.com\/?post_type=case-study&p=2583"},"modified":"2025-12-12T21:56:28","modified_gmt":"2025-12-12T21:56:28","slug":"chasen","status":"publish","type":"case-study","link":"https:\/\/capitalsq.com\/case-studies\/chasen\/","title":{"rendered":"Chasen"},"content":{"rendered":"

In April 2023, Capital Square broke ground on a 352-unit, Class A multifamily development in the Scott\u2019s Addition neighborhood of Richmond, Virginia, located within a designated qualified opportunity zone<\/a>. Construction of the development is expected to be completed by Spring 2025.<\/p>\n\n

\u201cCapital Square has a track record of success in Scott\u2019s Addition, building Class A mixed-use multifamily communities for the firm\u2019s opportunity zone funds,\u201d said Louis Rogers, founder and co-chief executive officer of Capital Square. \u201cTwo of the three communities known as Scott\u2019s Collection<\/a> were built, leased up, permanently financed and stabilized, all in record time with rents exceeding pro forma, while the third and final community within Scott\u2019s Collection is currently in lease-up and performing ahead of schedule. With strong demand from qualified residents, this is an excellent time to build another exceptional Class A residential community in Scott\u2019s Addition.\u201d<\/p>\n\n

Established in 1901, Scott\u2019s Addition is a historic area known for its food, drink and entertainment amenities, including 13 breweries, cideries, meaderies and distilleries. Once a hub for industrial buildings and businesses, Scott\u2019s Addition has become the number one \u201cmillennial hot spot\u201d in Virginia, with a 43% increase in millennials in just five years, according to RENTCafe. The area is a designated opportunity zone with a census tract that stretches across Virginia Commonwealth University and the Carver community and is now known as Richmond\u2019s fastest growing neighborhood, according to the Greater Scott\u2019s Addition Association.<\/p>\n\n

\u201cScott\u2019s Addition has become the hottest neighborhood in Richmond, with heavy demand for high-quality rental housing,\u201d said Whitson Huffman, co-chief executive officer. \u201cIt is a walkable, amenity-rich neighborhood that has attracted a growing population of affluent young renters and is among the highest performing markets in Richmond in terms of occupancy. Demand for our previous four apartment communities within Scott\u2019s Addition has exceeded our expectations, and we expect our fifth development will perform in a similar fashion.\u201d <\/p>\n\n

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