Capital Square Opens Fifth Opportunity Zone Multifamily Project in Richmond

Event summary

  • Capital Square opened Chasen, a 352-unit Class A multifamily community in Richmond's Scott's Addition Opportunity Zone on February 6, 2026.
  • This marks the firm's fifth completed Opportunity Zone development in the neighborhood since 2020.
  • The project was funded through Capital Square's seventh Opportunity Zone fund, with another fund launched for future developments in the area.
  • Capital Square's total Scott's Addition development footprint represents approximately $470 million in gross asset value.

The big picture

Capital Square's completion of Chasen underscores its strategic focus on Opportunity Zone investments, particularly in transforming urban neighborhoods like Richmond's Scott's Addition. The firm's vertically integrated approach, combining tax-advantaged investments with active development, positions it uniquely in the multifamily housing sector. With over $8.9 billion in transaction volume since 2012, Capital Square's scale and experience in this niche market highlight the growing importance of Opportunity Zone funds in real estate development.

What we're watching

Opportunity Zone Strategy
How Capital Square will leverage its ninth Opportunity Zone fund to sustain momentum in Scott's Addition and other markets.
Market Differentiation
Whether the firm's focus on high-quality residential communities will maintain its competitive edge in urban living spaces.
Economic Impact
The pace at which Capital Square's developments will continue generating jobs and tax revenues in designated Opportunity Zones.