RICHMOND, VA – Capital Square, a national real estate investor and an active developer of multifamily communities, announced the launch of Capital Square Multifamily Development Fund I, L.P. The fund seeks to raise up to $300 million in equity from institutional investors who will participate in the development of a portfolio of ground-up, multifamily real estate communities located in emerging secondary markets in the Mid-Atlantic and Southeast regions of the United States.
“There is a shortage of quality housing that traces its origin to the Fantastic Real Estate Recession,” said Louis Rogers, founder and chief executive officer of Capital Square. “The shortage was exacerbated by the COVID-19 pandemic that delayed or halted many new developments. To accelerate the development of new Class A institutional-quality multifamily communities, the fund will focus on shovel-ready, ground-up sites. Capital Square is bullish on Class A multifamily investments that generate an unrivaled combination of stable cash flow, appreciation potential and inflation protection. Investors are flocking to the multifamily asset class.”
Capital Square Multifamily Development Fund I continues Capital Square’s focus on investing in quality multifamily assets that have an opportunity to provide outsized returns to investors. The fund will invest in the limited partner equity part of the capital stack and will focus on emerging secondary growth markets (e.g., Richmond, Charleston, and Knoxville) that lack institutional capital investment, including Richmond, Virginian, Charleston, South Carolina, and Knoxville, Tennessee.
“The housing crisis in this country has made strengthening fundamentals in our target markets, and multifamily investment continues to provide strong opportunities for compelling risk-adjusted returns for investors and will do so for the foreseeable future,” said Whitson Huffman, chief strategy and investment officer.

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WASHINGTON, DC – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 113 Potomac, a 501-unit multifamily rental community located at 113 Potomac Ave SW in Washington, DC. The project is being financed through a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers in-house Finance Department.
113 Potomac is located in the quick-growing Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River, just south of Downtown Washington, DC, and a 4-mile drive to Amazon HQ2. As one of the largest entertainment districts in Washington, DC, the Capitol Riverfront is home to Audi Field, the D.C. United soccer stadium, Nationals Park – home to the Washington Nationals – and over 10 acres of parks and activated green spaces. 113 Potomac is within walking distance of the Capitol Riverfront s 35,000 employees and both the Navy Yard and Waterfront Metro Stations along the WMATA Green Line. Another Toll Brothers rental community, the 595-unit two-building Parc Riverside, is located just north of the Nationals Baseball Stadium, a 5-minute walk from the 113 Potomac site.
113 Potomac is a 501-unit multifamily Opportunity Zone project. The property will consist of 460 market rate and 41 affordable units with 37,000 square feet of retail, and below-grade garage parking. It will offer views into the adjacent Audi Field and will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, rooftop resort-style pool and amenity space, luxurious clubhouse and lounge, coffee bar, co-working space, and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living (TBAL), stated: 113 Potomac continues our tremendous progress within the flourishing Washington, DC multifamily market, and joins our nearby luxury communities of Parc Riverside and Union Place, along with our other projects currently under development across the city. With the introduction of 113 Potomac, we re proud to be part of reinvigorating the historic Buzzard Point neighborhood.
Fred Cooper, Toll Brothers Senior Vice President, Finance and Investor Relations, stated: 113 Potomac represents our fifth Opportunity Zone project across the U.S. and our fourth transit-oriented development community within Washington, D.C. Toll Brothers, Inc. has been building for-sale home communities in the Metro D.C. region for nearly thirty years. Now, with over 3,000 rental units completed or under development within Washington, D.C., our Apartment Living division is extending the Toll Brothers brand and reputation in this dynamic market. We are thrilled to be teaming up with CrossHarbor, with whom we have partnered on multiple transactions, and to be undertaking our first construction loan with Bank OZK, which is quite active in this market.
We are pleased to partner with Toll Apartment Living on this opportunity, says James O Leary, Director, CrossHarbor Capital Partners, and excited to continue to expand our portfolio in the Greater Washington DC market.

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GREENSBORO, NC – Bell Partners, one of the nation’s leading apartment investment and management companies, announced it has bought Element Uptown, a 352-unit high-rise community located in Charlotte, N.C., and Waypoint West, a 192-unit, garden-style apartment community located in suburban Mooresville, N.C. Both properties were bought on behalf of Bell Apartment Fund VII investors.
Element Uptown will be renamed Bell Uptown Charlotte. Completed in 2015, the 21-tale community is located in Charlotte’s central business district and is walkable to 28 million square feet of office space, retail amenities including two grocery stores, and recreational amenities including Bank of America Stadium and other facilities housing four professional sports teams. The community features studio, one- and two-bedroom floorplans and plentiful off-street parking. Bell Partners currently manages four other properties in the Uptown and nearby South End submarkets.
Waypoint West will be renamed Bell Mooresville West. Completed in 2021, the property is located in the Lake Norman submarket approximately 30 miles north of Charlotte’s Uptown city center. The rapidly growing submarket offers an attractive suburban location with a diverse employment base, natural amenities and brilliant schools. Lake Norman is located less than a mile from the property, offering the community’s residents convenient access to nearby recreation. The community features one-, two- and three-bedroom luxury floorplans with amenities including a state-of-the-art fitness center and yoga room, smart tech locks and thermostats, high-speed internet, a pool and grilling areas and a dog park and wash. The property is located in close proximity to two other communities that Bell Partners owns and/or manages in the submarket, including Bell Lake Norman.
“These acquisitions complement our strategy of investing in well-located, high-quality assets in submarkets with favorable long-term fundamentals,” said Nickolay Bochilo, EVP of Investments at Bell Partners. “With the addition of these two communities, Bell now manages over 4,800 apartment units in Charlotte. We plot to leverage our local experience and extensive operating platform to maximize performance and apply our renovation capabilities to enhance value.”
Bell Partners completed $4.8 billion in transactions in 2021 and is actively investing in 14 target U.S. markets located in the Northeast, Mid-Atlantic, Southeast, Texas and West Coast.

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