Your 1031 DST Authority
CSRA Opportunity Zone Fund IX, LLC
Offering Overview
CSRA Opportunity Zone Fund IX, LLC is a Capital Square-sponsored Qualified Opportunity Zone Fund developing a mixed-use community in the Scott's Addition neighborhood of Richmond, VA - 220 traditional apartments plus 100 furnished apartment-hotel rooms at 1600 Roseneath Road, with construction completion projected in Q2 2027. The fund raises up to $77,395,000 of equity ($1,000 per Investor Unit) alongside project-level construction financing. Investors receive an 11% preferred return on the first $15M of units sold (7% thereafter), followed by return of capital and an 80/20 split. The QOZ structure offers capital-gains deferral to 12/31/2026 (reduced via the fair-market-value provision while under construction) and tax-free appreciation after a 10-year hold. Accredited investors only (Rule 506(c)); $100,000 minimum.
Investment Highlights
- Capital Square-sponsored QOZ fund - 220 apartments + 100 apartment-hotel rooms, Scott's Addition, Richmond VA.
- $77.4M equity raise ($1,000/unit); project-level construction financing; completion projected Q2 2027.
- 11% preferred return on first $15M of units (7% thereafter), then return of capital, then 80/20 split.
- QOZ tax benefits: deferral to 12/31/2026 (FMV mark-down while under construction) + tax-free gain after 10 years.
- Accredited investors only (Rule 506(c)); $100,000 minimum; ~10-year hold.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
A ground-up multifamily/hotel OZ development from an established sponsor in one of Richmond's strongest submarkets, structured for the OZ "two bites at the apple" (FMV-reduced deferral now, tax-free appreciation after 10 years) plus an above-market preferred return. Return depends on executing development and stabilization.
Pros
Institutional sponsor (Capital Square; $670M+ of OZ development underway) with vertically integrated CS Development; strong infill Richmond submarket; 11%/7% preferred return; full QOZ tax benefits plus the FMV deferral mark-down; lookback provision protecting return of capital.
Cons
Ground-up development risk (construction cost/schedule, lease-up); no current cash flow during construction; project-level construction-loan leverage; single-asset/single-market concentration; illiquid, long (~10-yr) hold; OZ tax rules may change.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | — | 5.03% | — |
| Max Yield | 0.00% | 5.29% | −100.00% |
| 10-Yr Income Growth | 0.00% | 24.74% | −100.00% |
Benchmark reflects the average of comparable Multifamily offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Capital Square has evolved from a pure 1031/DST sponsor into one of the more vertically integrated platforms in the securitized exchange market, with over $6 billion in AUM and more than $7.5 billion in transaction volume since its 2012 founding by Louis Rogers. Beyond sponsoring DSTs across 175-plus assets for some 6,500 investors, the firm develops its own multifamily product, manages roughly 13,000 apartments through Capital Square Living, and diversifies into Qualified Opportunity Zone funds and a REIT. That control of the full lifecycle—and full-cycle results such as a cited 159% return of equity on a completed DST—make it a benchmark name for diligence-minded exchangers.
This page describes a specific Delaware Statutory Trust offering (CSRA Opportunity Zone Fund IX, LLC) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.