M ultifamily D evelopment

M id A tlantic Real Estate Journal — Owners, Developers & Managers — May 20 - June 16, 2022 — 5C


Investment sponsor's fifth apartment community being developed in Richmond, VA Capital Square launches CSRA Opportunity Zone Fund VII to develop apartment community


finished project will include retail amenities. Established in 1901, Scott’s Addition is a historic area that is now the City of Richmond’s fastest growing neighborhood, according to the Scott’s Addi- tion Boulevard Association. The area is known for its food, drink and entertainment ame- nities, including 13 breweries, cideries, meaderies and distill- eries, within a walkable, seven block area. The area caters to a growing number of millennial residents and empty-nesters. Once a hub for industri- al buildings and businesses, Scott’s Addition is the number one “millennial hot-spot” in Virginia, with a 43% increase in millennials in just five years, according to RENTCafe . Scott’s Addition is the second- highest performing market in Richmond, according to Yardi Matrix . ket positioning, Northwood Estates offers excellent ac- cessibility to all this major residential, employment and retail hub has to offer,” added Brecher. “It has emerged as the heart of New Jersey where numerous Fortune 500 companies tap into a highly talented and educated labor pool and a vast transportation infrastructure.” Situated just south of New Brunswick, North Brunswick also borders East Brunswick, Milltown and South Bruns- wick – all in Middlesex County – as well as Franklin Town- ship in Somerset County. While its sister city of New Brunswick is widely acknowl- edged as the “Hub City” – a name derived from being the county seat, home of Rutgers University and a leading cor- porate address for companies like Johnson & Johnson and Bristol-Myers Squibb – North Brunswick is earning regional and national recognition for its own Smart Growth initiatives. Among these efforts is re- development of a vast land

“The continued growth of Scott’s Addition makes it a great place to develop,” said Whitson Huffman, chief strat - egy and investment officer. “The area is the second-highest performing market in Rich- mond, with an approximate 97.8% occupancy for multifam- ily units. Our team is excited to begin our fifth multifamily development in Scott’s Addi- tion. Capital Square is building the future of Richmond.” According to Yardi Matrix, opportunity zones were created to stimulate long-term private investments in low-income urban and rural communities nationwide. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster eco- nomic growth by providing tax benefits to incentivize private investments in designated op- portunity zones. MAREJ parcel spanning the three intersections of Main Street/ Rte. 1/Aaron Rd., Commerce Blvd. and Adams/Cozzens from Rte. 27 to Rte. 1. The transit-village-focused Main Street North Brunswick re- development is a multi-phase downtown district featuring master-planned mixed-use residential, commercial and retail where Target, Costco, Panera Bread and Greene Turtle Sports Bar & Grille are among the newest in- place tenants Since 1975, Gebroe-Ham - mer’s brokerage activities have concentrated on all mul- tifamily types from high-rise to garden-apartment proper- ties. While initially focusing on New Jersey, the Livingston, N.J.-based firm has evolved during the past 47 years to also dominate Eastern Penn- sylvania and New York State submarkets as well as repre- sent client interests nation- ally. Widely recognized for its consistent sales performance, the firm is a 17-time CoStar Power Broker. MAREJ

ICHMOND, VA — Capital Square , a national investment

sponsor spe- cializing in tax-advan- taged real estate in- vestments, announced the launch of CSRA Opportunity

Zone Fund VII, LLC. The project-specific opportunity zone fund will raise capital to develop 350 apartment units in the Scott’s Addition neigh- borhood of Richmond. CSRA Opportunity Zone Fund VII seeks to raise $41.438 mil- lion in equity from accredited investors. This is Capital Square’s seventh opportunity zone fund and fifth apartment community being developed in Richmond. Louis Rogers NORTH BRUNSWICK, NJ — As part of the first stage of a classic multifamily 1031 Exchange, Gebroe-Hammer Associates has arranged the off-market $63.5M sale of Northwood Estates Apart- ments, a 253-unit garden-style community located at 500 Adams Lane in North Bruns- wick, NJ. The firm’s executive vice president David Jarvis orchestrated both sides of the property swap between the unnamed parties, along with Joseph Brecher , executive managing director. Built in 1974, the 21-build- ing complex occupies approxi- mately 24 woodland acres and is comprised of all two- bedroom/two bath layouts. Floorplans range from 1086- 1199 s/f and include private balconies, hardwood floors, in-unit washer/dryers and kitchens with dishwashers. The property, which is located within the Maple Meade neigh- borhood, also offers on-site laundry centers and paved- surface parking. “Northwood Estates is cen-

Scott’s Addition neighborhood of Richmond rendering

“Capital Square’s development team is on track and on budget in the development of five class A apartment communities in Rich- mond and Raleigh, North Caro- lina, in spite of a global pandemic that has put many developers on the sidelines,” said Louis Rog - ers , founder and chief executive officer. “It is a testament to Capital Square’s strength that

development activity has actu- ally increased dramatically at a time like this.” Located at 2935 W. Clay St., 2944 W. Marshall St., and 2931 W. Marshall St., the commu- nity will include three five- and six-story residential buildings above podium parking. Con- struction is slated to begin in the first quarter of 2023. The

Gebroe-Hammer Associates’ $63.5 Million sale of Northwoods Estates is first stage of classic multifamily 1031 Exchange

Northwood Estates Apartments

trally situated along the town- ship’s South Brunswick bound- ary in one of the most desirable upper-income neighborhoods where housing demand is very tight, as characterized by its nationally-low vacancy rate,” said Jarvis. “In addition to its inherent untapped poten- tial, Northwood Estates’ all two-bedroom floorplans have tremendous appeal among the area’s highly educated work- force of executives, physicians, lawyers and PhDs who call this neighborhood home.” Located just 3.7 miles from

Rutgers University-New Brunswick, North Brunswick offers connectivity 39.6 miles from Midtown Manhattan and 53 minutes northeast of Phila- delphia, with closer proximity to Princeton and Trenton. In addition to an extensive rail and bus line network and a coveted NJ Transit Village designation, North Brunswick is linked via U.S. 130 as well as Rts. 1 and 9, I-287 and the New Jersey Tpke. and Garden State Pkwy. “Thanks to its Southwest Middlesex County submar-

Made with FlippingBook Converter PDF to HTML5