Capital Square's 352-Unit Chasen Multifamily Development in Richmond Earns Virginia Top Project Honor

RICHMOND, Va. — Capital Square's Chasen multifamily development in Richmond's Scott's Addition neighborhood has been named a 2026 Top Project by Virginia Business magazine, the firm announced June 15, recognizing the 352-unit Class A community as part of the publication's inaugural Virginia Top Projects & Real Estate Deals awards program.

The recognition comes as the project reaches full delivery, with its final certificate of occupancy issued in April 2026 following a phased construction process that began pre-leasing in December 2025. Chasen stands as the largest multifamily project completed to date in Scott's Addition.

Project Scale and Development Details

Located at 2922 W. Marshall Street, Chasen comprises three adjoining six- and seven-story residential buildings on a 2.45-acre urban infill site. The development delivered 352 apartment units in studio, one-, two-, and three-bedroom configurations averaging 845 square feet, along with more than 5,270 square feet of ground-floor retail space.

Unit interiors feature quartz countertops, tile backsplashes, and luxury tile finishes. Community amenities include a resort-style zero-edge pool, fitness center, golf simulator, wellness studio, co-working space, dog wash station, resident lounges, landscaped courtyards with native Virginia plantings, and a rooftop terrace.

"Delivering 352 units across three connected mid-rise buildings on a 2.45-acre infill site is a complex build, and the team executed it at a high level," said Michael Ollinger, co-head of development at Capital Square. "Chasen supported roughly 643 jobs a year during construction and generated $63.6 million in GDP for the Richmond area, and the finished product — from the structural work down to the finishes — reflects the craftsmanship of the full project team. We're proud to see that work recognized by Virginia Business."

The project team included Poole & Poole Architecture as building architect, Timmons Group as civil engineer, and Hourigan Construction as general contractor. ENV served as interior designer and Marvel Designs as landscape designer.

Financing: Opportunity Zone Equity and Construction Debt

Chasen was funded in part through CSRA Opportunity Zone Fund VII, LLC, which raised $65 million in equity from accredited investors. United Bank provided a construction loan for the project.

Capital Square has since launched CSRA Opportunity Zone Fund IX, LLC to finance another luxury multifamily development in Scott's Addition.

"Chasen builds upon the success we have achieved with our previous developments in Scott's Addition, which has become one of the most dynamic new residential neighborhoods in the Richmond region," said Natalie Mason, co-head of development at Capital Square. "From the ground-floor retail and publicly accessible pocket park to the rooftop terrace and the rotating VCUarts gallery in our shared spaces, every element of this community was shaped to add to the energy of the neighborhood and give residents a place that feels distinctly Scott's Addition."

Economic Impact and Local Footprint

An analysis by independent global business advisory firm FTI Consulting found that during its construction phase, Chasen supported approximately 643 jobs annually and generated $63.6 million in GDP and $4.7 million in state and local tax revenue for the Richmond area.

The development also incorporates a cultural programming component. The Capital Prize, a partnership with VCUarts' Department of Painting and Printmaking, brings a rotating fine art exhibition into the building's shared spaces. The inaugural gallery display features work by VCUarts alumni selected through a juried competition, including multimedia artwork from Natalia Mejia Murillo, Luis Vasquez La Roche, and Eleanor Mahin Thorp.

"Chasen stands out for the quality and execution demonstrated throughout the project," said Richard Foster, associate publisher and editor of Virginia Business. "It reflects the coordination, attention to detail and expertise required to successfully deliver a project of this scale."

Company Background

Capital Square, founded in 2012, describes itself as a vertically integrated national real estate firm specializing in tax-advantaged investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds, and a real estate investment trust. The firm reports more than $8.9 billion in total transaction volume since inception. Its mixed-use development projects total more than 2,700 housing units with a combined development value exceeding $1 billion. Capital Square Living, the firm's property management division, oversees more than 13,000 apartments across multiple states.

Chasen will be formally recognized at a July 28, 2026, celebration at Independence Golf Course in Midlothian, Virginia.

Sources: Capital Square press release, June 15, 2026