Capital Square and Greystar's The Otis Earns 2024 CoStar Impact Award for Multifamily Development of the Year
RICHMOND, Va., May 30, 2024 /PRNewswire/ -- Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced today that The Otis, a 350-unit mixed-use multifamily development in the Scott's Addition opportunity zone in Richmond, Virginia, received the 2024 CoStar Impact Award for multifamily development of the year, as selected by an independent panel of local industry professionals.
"The 2024 CoStar Impact Award is a testament to the skill, hard work and dedication of the development team who took The Otis from concept to stabilization in record time in spite of the pandemic, wage inflation and material shortages," said Louis Rogers, founder and co-chief executive officer of Capital Square. "Capital Square is thrilled to join Greystar in the transformation of Scott's Addition into Richmond's most desirable live, work and play neighborhood."
Located at the intersection of two main thoroughfares in Scott's Addition, The Otis is a six-story, Class A multifamily community that offers a combination of studio, one-, two- and three-bedroom apartment units with bespoke kitchen and bathroom finishes, one-of-a-kind community spaces and approximately 13,000 square feet of retail. The 2.28-acre property has 380 onsite parking spaces.
The project was developed by Greystar in partnership with Capital Square. Greystar, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, is the largest manager of multifamily properties in the world and the largest developer of multifamily communities in the nation.
The CoStar Impact Awards recognize exemplary commercial real estate transactions and projects completed in 2024 with significant influence in neighborhoods or submarkets across 128 major markets in the United States, Canada and the United Kingdom. The award celebrates commercial real estate professionals that have brought leadership, innovation and professionalism to their markets, by spotlighting commendable transactions and projects.
"Now in its third year, the CoStar Impact Awards are an incredible opportunity to recognize the real estate projects fundamentally transforming the industry landscape," said Andy Florance, founder and chief executive officer of CoStar Group. "Our diverse panel of judges worked diligently to identify the most impactful commercial real estate projects across a range of categories that are shaping the future of the industry and the communities in which they serve. It's an honor to recognize the companies and projects propelling the real estate sector forward."
Since its founding in 2012, Capital Square has acquired 170 real estate assets for over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation, along with opportunity zone funds, development funds and a real estate investment trust (REIT) that acquires rental housing in the Southeast and Texas.
About Capital Square
Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, development funds and a real estate investment trust (REIT). In recent years the company has become an active developer of mixed-use multifamily properties in the southeastern U.S., with eight current projects totaling approximately 2,000 units with a total gross asset value of $730 million. Since 2012, Capital Square has completed more than $7.8 billion in transaction volume. Capital Square's related entities provide a range of services, including due diligence, acquisition, loan sourcing, property/asset management and disposition, for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the nation for seven consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense's list of fastest growing companies. Additionally, Capital Square was listed by Virginia Business on their "Best Places to Work in Virginia" report in 2019 and their "Fantastic 50" reports in 2019 and 2020. In 2023, Capital Square was recognized by the Richmond Times-Dispatch as one of the region's "Top Workplaces." To learn more, visit www.CapitalSq.com.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $320 billion of real estate in 249 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 966,700 units/beds globally, and has a robust institutional investment management platform comprised of $78 billion of assets under management, including over $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
Disclaimer: Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to see any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: https://brokercheck.finra.org/.
Contact:
Jill Swartz
Spotlight Marketing Communications
949-427-1389
[email protected]
SOURCE Capital Square
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