KNOXVILLE, TN – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced the launch of CSRA Opportunity Zone Fund VIII, LLC. The project-specific opportunity zone fund will raise capital to develop Livano Knoxville, an approximately 348-unit Class A multifamily community in Knoxville, Tennessee. CSRA Opportunity Zone Fund VIII seeks to raise $46.684 million in equity from accredited investors.
“With the land bought and a favorable construction loan in place, Capital Square believes it has reduced the risk on this superior site near the University of Tennessee,” said Louis Rogers, founder and co-chief executive officer. “And – the icing on the cake – the property is in an opportunity zone that permits investors to defer and exclude their capital gains from the sale of any asset by investing in this, Capital Square’s eighth, opportunity zone fund.”
Located in the city’s emerging South Knoxville neighborhood at 451 W. Blount Avenue, just south of the Tennessee River and adjacent to the University of Tennessee’s Neyland Stadium, the multifamily community will include studio, one-, two- and three-bedroom apartment homes averaging approximately 930 square feet. The property will feature 35 workforce apartment homes available to residents who earn up to 80% of the area’s annual median family income, the remainder of the available units will be market rate apartment homes. The city of Knoxville has agreed to contribute $6.5 million of the project’s total development cost as a result of the inclusion of the workforce housing units.
Capital Square completed the acquisition of the 5.8-acre lot earlier this month and secured a $70.4 million construction loan agreement with Truist Bank. Tennessee-based Southern Building Group Inc. has been engaged as general contractor. Groundbreaking on the $116 million project, led by Capital Square’s development division and joint-venture partner, LIV Development, is scheduled to take place next month.
“The University of Tennessee predicts that the state’s population will grow by up to one million new residents by 2040, with the Greater Knoxville population expected to increase by 17.2%,”1 said Whitson Huffman, co-chief executive officer. “The South Knoxville neighborhood enjoys strong economic fundamentals, with a healthy and stable employment base, multifamily occupancy north of 97% and rent growth projected to exceed 3.3% annually through 2027.2 Capital Square believes Knoxville is a highly attractive growth market and a compelling location for our latest opportunity zone development project.”
Knoxville is the third largest city in the state behind only Nashville and Memphis. The area is home to 18 four-year and two-year colleges and universities, led by the University of Tennessee, which has an annual enrollment of approximately 31,000 students and employs 11,700 academic and administrative employees. The university’s endowment exceeds $1.3 billion.
Major employers in the area include the U.S. Department of Energy Oak Ridge National Laboratory, Covenant Health, the University of Tennessee, Knox County Schools, University Health System, The Dollywood Company, Clayton Homes, DENSO Corporation, Tennova Healthcare, Blount Memorial Hospital and the Tennessee Valley Authority.

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CHICAGO, IL – JVM Realty Corp., a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Courthouse Square, a 149-unit Class A apartment community 25 miles west of Chicago in the suburb of Wheaton.
“Apartment communities of this caliber are in high demand given the strong employment fundamentals and high barriers to entry for home ownership,” said Jay Madary, president and CEO of JVM Realty Corp. “The acquisition of Courthouse Square fits our long-term strategy of pursuing investments where we can leverage our local experience and extensive operating platform to enhance performance, using disciplined underwriting to reflect current and projected market conditions.”
Located at 250 S. Naperville Road, Courthouse Square was built in 2016 and offers one-, two- and three-bedroom apartment homes in two, six-tale brick buildings. Many of the open-concept apartment homes include dens/home offices with layouts offering up to 1,520 square feet. The property is LEED Silver certified with high-end, modern finishes such as kitchens with stainless steel appliances, quartz countertops and islands and subway tile backsplashes; nine-foot ceilings; engineered hardwood flooring; Shaker stye cabinetry; and a full-sized washer and dryer. Select homes come with a private balcony or oversized terrace and standalone showers with glass door enclosures.
Residents delight in an abundance of community amenities including access to a resort-inspired pool and sundeck, concierge service and package receiving, fully equipped 24-hour fitness center and yoga studio, event room with catering kitchen, media space and billiards, an outdoor deck with a fire pit, heated indoor garage parking with electric charging stations, pet wash, car wash and bike repair stations.
The property has direct access to downtown Chicago via the Union Pacific West Line and nearby Interstates 88 and 355 connect residents with the greater Chicago Metropolitan Area. Residents delight in a small commute to six Fortune 1000 companies and other top employers along the I-88 Illinois Technology and Research Corridor.
Wheaton is the county seat of DuPage County and has been consistently praised as a “Best Place to Live” by various publications for its charm, quality schools and family friendliness. Courthouse Square is located in an area of Wheatonknown for lush greenery and outdoor activities, with an array of retail, dining and entertainment options a small walk from the property.
With this latest acquisition, JVM now owns and manages eight apartment communities in Illinois and 23 communities representing $1.6 billion in assets under management throughout the Midwest.
JLL Capital Markets represented the seller in this transaction. The team was led by Managing Director Kevin Girard, Managing Director Mark Stern, Director Zach Kaufman and Senior Analyst Avi Schiffman.

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DALLAS, TX – The NRP Group, a vertically integrated, award-winning developer, builder and manager of multifamily housing, has officially broken ground on ‘Ascent at Mountain Creek – a 324-unit mixed-income multifamily community located just 15 minutes outside of downtown Dallas. Fifty percent of the units will be reserved for individuals and families earning 80% or less than the Area Median Income.
Located at 4868 S. Merrifield Road, Ascent at Mountain Creek will comprise 14 three-tale, wood-frame residential buildings offering a mix of one-, two- and three-bedroom apartments. As a result of the increased resident demand for larger units to accommodate growing work-from-home preferences, den floor plans for one- and two-bedroom units will also be available. In-unit features will include quartz countertops, backlit mirrors, stainless steel appliances and walk-in closets. Community amenities will include a resort-style pool, dog park, fitness center and resident lounge that can double as workspace for remote workers.
There is a crucial need for mixed-income communities like Ascent at Mountain Creek in the City of Dallas where many residents are being priced out of the rapidly growing market, said Kyle Hines, Assistant Director for the Department of Housing and Neighborhood Revitalization. Housing demand throughout the region has caused significant price increases in the City and we are actively developing more affordable housing options using all available tools and resources to meet our current and future residents needs. We are pleased to see this project go forward and look forward to working closely with The NRP Group to bring this development to fruition.
Located at the intersection of Highway 408 and 1-20, Ascent at Mountain Creek will offer residents simple access to bustling downtown Dallas and is in close proximity to ample retail and dining options. The community is also surrounded by rolling hills, lush forests, and hiking trails, a rarity in the Dallas-Fort Worth market, with Mountain Creek Lake less than 10 miles south. Residents will also be a 10-minute drive from a variety of healthcare, grocery, retail, and recreational offerings, including Methodist Charlton Medical Center, Target, Home Depot, Epic Waters Waterpark, Grand Oaks Golf Club, and more.
Within Ascent at Mountain Creek s immediate vicinity is a host of employment opportunities for working professionals. Mountain Creek Business Park, a 450-acre industrial park, is home to a wide range of reputable companies, including Nestle, Ulta Beauty, and Chewy, among others. The community is also a small distance away from Dallas Baptist University, complete with 4,480 enrolled students and 132 full-time employees.
Dallas-Fort Worth continues to experience surging population growth, making Texas one of the leading states in the country in terms of net migration. The influx of new residents migrating to the area is causing high demand for a limited supply of apartments in the DFW market. As a result, apartment rents are quickly skyrocketing to rates that are infeasible for most individuals, especially those who are in the ‘missing middle income bracket, said Alena Savera, Vice President of Development at The NRP Group. We are excited to bring this housing development to the market and work alongside the City of Dallas to provide working-class families and individuals housing, as well as the opportunity to delight in the natural beauty of the Mountain Creek region of Dallas.

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