Capital Square announced that its CSRA Opportunity Zone Fund VII, LLC offering, which raised nearly $65 million from accredited investors, has been fully subscribed. The offering is comprised of a 352-unit, multifamily community development in Richmond, VA’s Scott’s Addition qualified opportunity zone.

“With occupancy and rental rates on the rise, Scott’s Addition makes for an ideal investment market to continue Capital Square’s mission of providing high-quality multifamily housing options for investors and residents alike,” said Whitson Huffman, co-CEO. “The completion of this opportunity zone investment demonstrates once again Capital Square’s ability to deliver best-in-class projects that appeal to value-conscious investors.”

The firm launched CSRA Opportunity Zone Fund IX, LLC in August to provide funding for the construction of a mixed-use apartment community and a luxury hotel in Scott’s Addition. To date, the funds have generated nearly $800 million in development value.

Capital Square specializes in tax-advantaged investments, including DSTs, qualified opportunity zone funds and a REIT. The company is also a developer and manager of multifamily communities. Since 2012, the firm has completed over $7.9 billion in transaction volume.