Capital Square Completes 352-Unit Richmond Project

By Gail Kalinoski February 10, 2026

Chasen is the fifth Opportunity Zone development by the firm in the neighborhood.

Capital Square has completed Chasen, a 352-unit multifamily community in the Scott’s Addition section of Richmond, Va. It is the firm’s fifth Opportunity Zone residential development in the neighborhood since 2020.

Leasing began at the mixed-use development in November and is outperforming expectations, according to a company spokesperson. The community includes three six- and seven-story residential buildings above podium parking with more than 5,350 square feet of ground-level retail space.

Capital Square, a Glen Allen, Va.-based national real estate firm specializing in tax-advantaged real estate investments, began construction of the property in April 2023. The firm secured construction financing for the luxury development from United Bank in September 2023 in a deal arranged by Walker & Dunlop. The amount of the loan was not disclosed.

Chasen was funded with proceeds from Capital Square’s seventh qualified Opportunity Zone fund, CSRA Opportunity Zone Fund VII, LLC.

Greystar is the project manager of Chasen. The project team included Poole & Poole Architecture, Timmons Group as civil engineer, Hourigan Construction as general contractor, ENV as interior designer and Marvel Designs as landscape designer.

Chasen Highlights

Located at 2922 W. Marshall St., Chasen has a mix of studio, one-, two- and three-bedroom residences, averaging 845 square feet of space. The units feature premium finishes and appliances, including quartz countertops, tile backsplashes and luxury vinyl tile throughout the apartments.

Community amenities include a zero-edge pool, fitness center, wellness studio, coworking space, resident lounges, a rooftop terrace, dog wash station and courtyards with native Virginia landscaping.

Building up Scott’s Addition

Capital Square is the most active developer within the neighborhood. The firm has constructed Scott’s Collection, a trio of ground-up, five-story projects with a total of 209 units. The firm teamed with Greystar Real Estate Partners in a joint venture to develop the 350-unit The Otis. The properties are all within walking distance of Chasen.

Capital Square’s total Scott’s Addition development footprint represents approximately $470 million in gross asset value, including 35,000 square feet of retail and a total of 1,232 units, stabilized, under construction or in development.

The firm has recently launched CSRA Opportunity Zone Fund IX, LLC, to fund the construction of a sixth luxury multifamily development in the neighborhood. Two-thirds of the 321-unit project will be traditional multifamily units with the remaining one-third operating as apartment hotel rooms under a national franchise. The project is also expected to include up to 8,500 square feet of retail space.

More multifamily investments

In addition to Opportunity Zone projects, Capital Square’s other tax-advantaged real estate investments include Delaware statutory trusts for 1031 exchanges and REITs. A property manager and developer, the company has completed more than $7.9 billion in transaction volume since 2012. Its mixed-use development portfolio includes more than 2,000 units with a total development value of more than $800 million.

In July 2025, Capital Square raised more than $43 million in equity from investors for the capitalization of Capital Square Glendale BFR LLC. The Regulation D private placement fund will be used to develop Ironwood Homes at The Rosefield, a 320-unit build-to-rent community in Glendale, Ariz. Capital Square has partnered with Sunstone Two Tree for the project, which will have 102 detached single-family homes and 218 townhouses. Construction is slated for completion in the third quarter of 2026, and leasing and initial move-ins are already underway.