RICHMOND, VA – Capital Square, a leading sponsor of tax-advantaged real estate investments, announced the launch of CSRA/GS Opportunity Zone V, LLC. The project-specific opportunity zone fund is raising capital to develop 1601 Roseneath Road, a 350-unit multifamily community with ground-floor retail space, in the Scott’s Addition designated opportunity zone in Richmond, Virginia. CSRA/GS Opportunity Zone V, LLC seeks to raise $32,396,000 in equity from accredited investors.
“Capital Square is thrilled to enter this joint venture with Greystar Real Estate Partners to develop a Class A, mixed-use multifamily community in Scott’s Addition,” said Louis Rogers, founder and chief executive officer. “Greystar is the largest property manager in the nation as well as a top 10 builder and owner of apartment communities.”
Located at the intersection of two main thoroughfares in Scott’s Addition, 1601 Roseneath Road will be a six-tale, Class A multifamily community with 15,000 square feet of retail space. The 2.28-acre property will have 380 onsite parking spaces.
Established in 1901, Scott’s Addition is a historic area that is now the City of Richmond’s fastest growing neighborhood and the second-highest performing market with 97.6% occupancy, according to Yardi Matrix. Scott’s Addition is a designated opportunity zone with a census tract that stretches across Virginia Commonwealth University and the Carver neighborhood. Apartment rental rates in the neighborhood have increased 8.1% on a year-over-year basis and are projected to increase 3% to 4% per year for five years.
The project will be co-developed by Capital Square and Greystar, a global leader in the investment, development and management of high-quality rental housing properties that is based in Charleston, S.C. The Greystar team is led by Todd Wigfield, senior managing director, John Clarkson, managing director, George Hayward, senior director, and Russell Whitworth, managing director.
“The Richmond market possesses substantial growth opportunity and will continue to be an vital part of our long-term development strategy in the Mid-Atlantic,” said John Clarkson, Greystar’s managing director of development for the Mid-Atlantic Region. “Capital Square has a strong track record of successful project execution in Scott’s Addition, and together with the expertise of our local team of professionals, we look forward to providing future residents with attractive amenities at this Class A property.”
1601 Roseneath Road is Capital Square’s fourth new project in the Scott’s Addition designated opportunity zone. Previously, Capital Square launched a trio of developments – Scott’s Collection I, II and III – within a few blocks of the 1601 Roseneath Road project. The Scott’s Collection projects each feature a single-structure, ground-up development with Class A multifamily communities ranging in size from 60 to 80 units, and will include private unit balconies, a lobby area and onsite parking.
Opportunity zones were made by Congress to stimulate long-term private investments in low-income urban and rural communities, along with certain contiguous areas. 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.

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ATLANTA, GA – Walker & Dunlop, Inc. announced that it structured $44,800,000 in financing for the Ambling Portfolio, a collection of eight multifamily properties located throughout the Southeast. The transaction represents the first investment in the fund, Infinity RE Impact, newly formed by Infinity Capital Partners, an Atlanta based alternative investment management firm.
The portfolio comprises 741 units in total, all of which are subject to Land Use Restrictive Agreements (LURA), which require that 40 percent of the units be occupied by low income tenants who earn 60 percent or less of the Area Median Income (AMI). The properties are also supported by Housing Help Payment (HAP) Contracts that stipulate contractual rents are subsidized by the local housing authorities. Five of the properties are located in South Carolina, two are in North Carolina, and one is in Alabama.
Jeff Lawrence, Matt Baptiste, and Greg Krafcik led Walker & Dunlop in structuring the financing on behalf of Infinity Real Estate Advisors, and Infinity Capital Partners, whose principals are strong, repeat clients with extensive experience in developing and renovating affordable and Class C multifamily properties. The team worked alongside Geoff Smith and Kimberly Schmitz of Walker & Dunlop Commercial Property Funding, LLC, the company’s specialty high-yield first mortgage and mezzanine lending platform.
Deftly navigating the LURA and HAP considerations associated with the properties, Walker & Dunlop effectively structured financing at 90 percent loan to cost, thanks to the owner’s exceptional experience. In addition to covering the acquisition costs, loan proceeds will be used to complete $8,450,000 in renovations. The fund has engaged Atlanta Financial Group, led by Anthony Guarraci, to do the portfolio rehabilitation, which will include interior unit restorations, common area upgrades, as well as building and site improvements.
“Our strategy is quite simple,” Greg Jones, Chief Investment Officer at IREA, stated. “There is not enough product to support the growing need for affordable housing. Should our economy weaken, this demand will only continue to grow.” Jones adds, “We see affordable multifamily as a unique investment product offering predictable returns in the event of an economic downturn.”
“It is more vital than ever to ensure affordable housing remains an option for residents across the United States. The rehabilitation and preservation of the Ambling Portfolio will provide tenants with an updated place to call home,” commented Walker & Dunlop’s Baptiste. “We were honored to work with Infinity RE Impact, an experienced and respected affordable housing owner and operator, and to help maintain much-needed housing solutions in the Southeast.”

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JERSEY CITY, NJ – A new, two-tower residential development, Parkview Apartments, will soon break ground in the Lafayette section of Jersey City, adjacent to Berry Lane Park, the city s newest green space. New Jersey-based firms, Dresdner Robin and Monteforte Architectural Studio, are providing essential engineering, architecture, landscape architecture, surveying and plotting services for the project.
Parkview Apartments includes two 89-foot buildings that will each rise seven tales over two floors of parking. The towers, which will break ground in days and complete construction by the end of 2021, will overlook Berry Lane Park, with unique architecture angled toward the recreational space and reflective glass that returns light to the areas below. The complex will include 170 rental units (65 one-bedroom, 95 two-bedroom and 10 three-bedroom).
Jersey City-based land development design firm, Dresdner Robin, secured project approvals for a range of local and regional regulatory review agencies. The complex was designed by Ocean Township, N.J.-based Monteforte Architectural Studio.
This project modernizes an entire city block, bringing infrastructure and community improvements to the area surrounding the Garfield Avenue Light Rail station, said Joseph Mele, director of civil engineering at Dresdner Robin. Our firm has worked closely with the developer and community stakeholders to ensure that this project becomes a worthy complement to nearby Berry Lane Park and the city s overall growth.
The residential buildings at 87-99 Van Horne Street and 72-78 Woodward Street are a vision of developer Wallabout Realty Holdings.
Dresdner Robin, which has led the permitting process since 2017, worked with the Jersey City Plotting Board to make one contiguous tract of land, allowing for a unified, larger-scale development. A new road will connect the dead ends of Woodward Street and Van Horne Street, improving circulation and access in the area. A new streetscape will complement the roadway and pedestrian connectivity will be provided for the nearby Garfield Avenue Hudson-Bergen Light Rail Station.
The typology of this project had to complement its surroundings, rather than becoming an obstacle, said Principal Architect James Monteforte. To do so, we designed two towers emerging from a base that holds the unit together. The essential aesthetic of the Parkview Apartments is to be a beacon of life and vibrancy to the surrounding community.
To address active underground utilities which bisected the proposed site, Dresdner Robin worked alongside the city s Engineering Department and Municipal Utilities Authority (JCMUA) to make a multi-phase design that relocated the active utilities around the site and accommodated the building s new connections.
Since its opening in 2016, Berry Lane Park has provided much-needed recreational space for New Jersey s second most populous city. The park, which was made on a 17.5-acre former brownfield site, includes basketball and tennis courts, baseball and soccer fields, a playground, rain garden, 600 trees and a splash pad water park.
Dresdner Robin performed an array of design services for the park, including site-civil engineering, landscape architecture, surveying and environmental, as well as bid support and construction administration for each of the project s four phases.
Jersey City had an extraordinary vision for Berry Lane Park, which has been instrumental in stimulating a largely underdeveloped area, said Mele. Upon completion, Parkview Apartments will inspire continued growth as it overlooks the vibrancy of the park.
Parkview Apartments will also include 18 units of moderate-incoming housing.

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