Capital Square Announces Grand Opening of 529 King Street ROOST Apartment Hotel in Charleston’s Opportunity Zone

CHARLESTON, SC, July 21, 2022 /PRNewswire/ — capital squareone of the nation’s leading sponsors of tax-efficient real estate investments and a developer of mixed-use, multi-family communities, today announced that it has opened the 529 King Street ROOST Apartment Hotel, a luxury apartment hotel located in the Garden District of Charleston, South Carolina in a qualified opportunity zone. Construction of the development is expected to be completed by summer 2023.

Charleston, for all its southern charm and grace, lacks lodging options for extended stays. The problem was amplified during the COVID pandemic, when large parts of the economy were shut down and construction mostly came to a standstill,” said Louis Roger, Founder and Managing Director. “Capital Square is pleased to announce that, despite the many challenges faced during the pandemic, the ground has been laid to build a luxury apartment hotel on the famous King Street.”

The five-story project will feature 50 luxury units, including a mix of studio, one-, two- and three-bedroom units. The hotel apartment units will be operated under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net leasable square feet of apartment and commercial space, including a lush courtyard and rooftop lounge that will be open to the public. The façade will be a modern interpretation of the historic Victorian era aesthetic prevalent in Charleston.

Community facilities will include 44 valet parking spaces, a private and lush interior courtyard that will function as an outdoor lounge, fitness center, library and coworking space, guest lounge, semi- private or balcony and a publicly accessible rooftop lounge with downtown views Charleston and the port.

Located in the Garden District of Charleston529 King Street is in a charming neighborhood filled with Greek Revival and folk Victorian residences. Charleston is known for its coastal charms and historic sites, such as the Morris Island Lighthouse, the Old Exchange and Provost Dungeon, and McLeod Plantation. Close to a thriving downtown, the property is close to a variety of restaurants, cultural sites, and entertainment venues, including the Waterfront Park Pier and Rainbow Row. It is an ideal setting for those looking for a peaceful neighborhood with access to exciting events nearby. Located near the Charleston College and other notable local institutions, the property is furthermore close to Highway 17 and the important Arthur Ravanel Jr. Bridge, providing easy access to Greater Charleston.

“Capital Square is an active developer of luxury properties in the growing South East markets and we couldn’t be happier to begin construction on our inaugural project in Charleston,” said Whit Huffman, Director of Strategy and Investments. “Charleston is a premier market, home to a growing community of high-income families and one of the country’s most popular tourist destinations. 529 King Street will contribute to this legacy and become a destination of choice for local residents and tourists. »

Capital Square has partnered with Morris Deputy & LS3P as the architect of the building, BL Harbert as the general contractor and Method Residential as the commercial leasing agent and co-developer of the property.

The 529 King Street ROOST Apartment Hotel development will be primarily funded by proceeds from Capital Square’s fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV, LLC, which has raised approximately $15 million from accredited investors. Capital Square is an active sponsor of qualified opportunity funds and has recently launched CSRA Opportunity Zone Fund VII, LLC to fund the development of a luxury multi-family complex in the Scott’s Addition neighborhood of Richmond, Virginia. Capital Square Opportunity Zone Funds have launched over $330 million in development value to date.

Opportunity Zones have been created to stimulate long-term private investment in low-income urban and rural communities nationwide. Designed under the Tax Cuts and Jobs Act 2017, Opportunity Zone Funds are intended to foster economic growth by providing tax benefits to incentivize private investment in Opportunity Zones designated.

About Capital Square
Capital Square is a national real estate company specializing in tax-efficient real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualifying opportunity zone funds for tax deferral and exclusion, and a real estate investment trust (REIT). In recent years, the company has become an active developer of multi-family and mixed-use properties in the Southeastern United States, with nine ongoing projects totaling approximately 1,700 apartments with a total development cost of more than $600 million. Since 2012, Capital Square has achieved over $6.0 billion in transaction volume. Capital Square 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, capital companies -investment, family offices and institutional investors. Since 2017, Capital Square has been recognized by Inc. 5000 as one of the fastest growing companies in the country for four consecutive years. In 2017, 2018 and 2020, the company was also ranked on Richmond BizSense’s list of fastest growing companies. Additionally, Capital Square has been listed by Virginia Business on their “Best Workplaces in Virginiain 2019 and their “Fantastic 50” reports in 2019 and 2020. To learn more, visit www.CapitalSq.com.

Disclaimer: Securities Offered Through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are significant risks associated with investing in DST properties and real estate securities, including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, risk interest rate fluctuations, the risk of new offerings coming to market and rental rates decreasing, general risks of owning/operating commercial and multi-family properties, short-term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long holding periods and the potential loss of all investment capital. Past performance is not indicative of future results. Potential cash flows, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax advisor 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 particular attention to the risk section before investing. Diversification does not guarantee profits or protect against losses. Private placements are speculative.

Contact:

Jill Swartz
Featured marketing communications
949-427-1389
[email protected]

SOURCE Capital Square

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