RICHMOND, VA – Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities across the nation, has officially opened Chasen, a 352-unit, Class A, multifamily community in Richmond, Virginia’s Scott’s Addition qualified opportunity zone. This milestone marks the firm’s fifth successful opportunity zone development completed in Richmond’s premier dining and entertainment neighborhood.
The grand opening event featured a host of local dignitaries, including Richmond Mayor Dr. Danny Avula, Katherine Jordan of Richmond City Council, Capital Square Co-CEOs Louis Rogers and Whitson Huffman, and other key partners and development team leaders. After the reception and speeches, attendees toured the building’s market-leading residences and amenity spaces.
“The opening of Chasen represents another vital milestone for Capital Square and for the continued evolution of Scott’s Addition,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “A testament to how opportunity zone legislation can transform both neighborhoods and investor outcomes, Chasen reflects our commitment to making high-quality residential communities that elevate the urban living experience. With its luxury amenities and premium finishes, Chasen offers residents a sophisticated lifestyle while reinforcing Scott’s Addition’s position as one of Richmond’s most dynamic and desirable neighborhoods.”
Located in the heart of Scott’s Addition, the community includes three six- and seven-tale residential buildings above podium parking with over 5,350 square feet of ground-level retail space. Units average 845 square feet with premium appliances and finishes, including quartz countertops, tile back splashes and luxury tile throughout. Community amenities include a resort-style zero-edge pool, fitness center, wellness studio, co-working space, dog wash station, resident lounges, lush courtyards with native Virginia landscaping and a rooftop terrace.
Capital Square has been the most active developer within the Scott’s Addition neighborhood since 2020, having completed five Class A mixed-use multifamily communities: INK at Scott’s Collection, VIV at Scott’s Collection, GEM at Scott’s Collection, Otis and Chasen, all within walking distance of one another.
The project team included Poole & Poole Architecture as building architect, Timmons Group as civil engineer and Hourigan Construction as general contractor. The design team included ENV as interior designer and Marvel Designs as landscape designer.
Chasen was funded with proceeds from Capital Square’s seventh qualified opportunity zone fund, CSRA Opportunity Zone Fund VII, LLC. Conceived as part of the Tax Cuts and Jobs Act of 2017, opportunity zone funds are intended to help foster economic growth by providing tax benefits to incentivize private investments in designated opportunity zones. More recently, Capital Square launched CSRA Opportunity Zone Fund IX, LLC to fund the construction of another luxury multifamily development in the Scott’s Addition neighborhood.
Natalie Mason, co-head of development at Capital Square, added, “Scott’s Addition has incredible energy, and Chasen puts residents right in the center of it all. From the local breweries and restaurants to the walkable streets and creative community, this neighborhood offers something truly unique. We’re excited to give people the opportunity to live here and experience everything this area has to offer.”

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ATLANTA, GA – NewStar Exchange, a subsidiary of NEWSTAR, announced that it has bought Sweetwater Springs, a newly-constructed Class A townhome apartment community in Atlanta, Georgia, and launched a new Delaware Statutory Trust offering for accredited investors.
The Property features 95 two-, three- and four-bedroom homes averaging 1,803 square feet. All homes feature attached garages and private balconies or patios. Construction of the community was completed in 2025 and as of closing the Property was 94% leased.
Community amenities include a resort-style pool, cabana with restrooms and showers, on-site maintenance and leasing office, playground, and a dog park. Interior finishes feature luxury vinyl plank flooring, granite countertops, and stainless-steel appliances. NEWSTAR Exchange bought the property on behalf of Newstar 17 Sweetwater Springs, DST.
“We have evaluated more than 200 acquisition opportunities in our NEWSTAR Exchange business since launching in 2022, closing on just four properties through the end of 2025,” said Boone DuPree, Chief Executive Office of NEWSTAR. “We have been selective in waiting for opportunities to invest in high quality communities in high quality locations, at the right price and with the right financing, and Sweetwater Springs meets those objectives fully. We look forward to a successful offering to accredited investors seeking tax deferral with the opportunity for passive income and appreciation in an attractive institutional real estate asset.”

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CHARLOTTE, NC – FCP announced the $41.25 million acquisition through FCP’s Housing Preservation Fund of Cottages of Monroe (formerly Yardly Monroe), a 151-unit cottage-style apartment community in the rapidly growing suburb of Monroe, in Union County, near Charlotte, NC. The one-tale, detached and semi-detached cottages were purpose-built in 2024 as a rental community.
“The Cottages of Monroe investment supports our fund mandate to maintain affordability in a key growth market,” said Summer Haltli, Partner and Co-Founder of the FCP Housing Preservation strategy. “FCP’s acquisition of Cottages of Monroe is driven by the opportunity to buy a well-occupied, newly delivered, rental community in a favorable submarket at a favorable basis.”
Residents at the Cottages of Monroe benefit from the opportunity to live in stand-alone, newly constructed homes in a strong school district at a discount to home ownership in the same submarket. Cottages of Monroe provides a high-quality living experience for the numerous healthcare, education, and aerospace workers nearby. The submarket has experienced some of the strongest population growth in the Charlotte region over the past 5 years.
Cottages of Monroe, with one- and two-bedroom options, provides all the conveniences and amenities of multifamily living in family-friendly, private cottages with private, enclosed back yards and one-tale accessibility.
FCP has retained Greystar to manage the property. FCP will integrate resident services focused on education, economic mobility, and health to improve the resident experience and increase resident retention.

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