CSRA Opportunity Zone VI LLC, a project-specific opportunity zone fund launched by Capital Square in September 2021, has raised $48.5 million in equity to begin the development of 320 West South Street, a 296-unit project in Raleigh, N.C. Led by Capital Square Development, the $121 million tower is set to break ground in April.
Set for completion in the summer of 2024, the 20-story building is slated to encompass a mix of studio, one-, two- and three-bedroom apartments, as well as 8,384 square feet of ground-floor retail space and 437 parking spaces in a separate structure. Community amenities will include a pool, rooftop lounge, coworking space and fitness center.
Located within the Warehouse District, less than a mile from downtown Raleigh, the property will provide access to numerous dining and entertainment options, including the North Carolina Museum of Natural Science and Moore Square.
Raleigh is one of the top markets nationwide in terms of rent growth. Year-over-year through January, rents in North Carolina’s capital increased by 19.5 percent, a recent Yardi Matrix report shows. The same data provider anticipates rents to increase by 6.5 percent this year in the metro. With renter demand expected to remain high in the near future, multifamily construction is accelerating. This month, Wood Partners broke ground on Alta Vale, a 306-unit community expected to be completed in 2023.