RICHMOND, Va., May 10, 2023 - Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the management of high-quality rental housing properties, and Capital Square, a leading sponsor of tax-advantaged real estate investments and an active developer of multifamily communities, are pleased to announce that Otis is now open and has leased 50 percent of its 350 apartment homes in Scott's Addition.
"We are pleased to deliver Otis and become a contributing member of the Scott's Addition community," said Greystar Managing Director John Clarkson. "We hope that we've enhanced an already wonderfully authentic neighborhood's sense of place through thoughtful design, amenities and community serving retail. We look forward to being integral partners and neighbors within Scott's Addition and the broader Richmond market for many years to come."
Located in the heart of Scott's Addition on Roseneath and W Moore St., the six-story mixed-use community offers studio, one- and two-bedroom units, and three-bedroom townhomes. The bespoke apartment homes offer a range of kitchen and bathroom finishes, movable islands, floor to ceiling windows, balconies, full-size appliances and generous closet spaces.
Otis has a variety of amenity spaces, catering to every interest, as well as intimate areas. The lobby was designed to serve as both a lounge and coworking space, with a state-of-the-art gym located to one side and a direct entrance to Grit Coffee on the other. Just off the elevator on the third floor are the cabana, a textured, intimate dining space, and the lounge, which features a pool table, keg tap, and outdoor seating and grilling spaces overlooking the neighborhood. The third floor is also home to two courtyards, one debuting a large pool deck and the other eight grill stations and luxe seating spaces. The Otis community has a dedicated pet spa and a dog park with interactive features.
Otis also exhibits four murals highlighting talented local artists. The largest mural was designed by Emily Herr of Herr Suites and is hard to miss, spanning half of Norfolk St. and turning the corner to a quarter of McTavish Ave. In the lobby, Tim Skirven designed a vibrant piece above the hospitality bar, visible from Roseneath. Naomi McCavitt of Thicket Design carefully crafted a textured wall mural, enhancing the interior design of the largest indoor amenity space. And finally, a modern installation by Andre Shank in the main elevators pulls the colors from each floor together.
"Richmond is one of the Mid-Atlantic region's most attractive real estate markets and the Scott's Addition neighborhood is among the city's fastest-growing and most compelling sub-markets," said Whitson Huffman, co-chief executive officer of Capital Square. "The Otis, with its attractive design and high-end amenities, is a premier mixed-use multifamily community that will further accelerate the transformation of Scott's Addition into one of Richmond's most popular and thriving neighborhoods."
Otis is situated in Scott's Addition, one of Richmond's fastest-growing neighborhoods, and the hub of the city's brewing scene with more than 20 breweries, distilleries, and cideries. Some of the neighborhood highlights include Stella's Grocery and ZZQ, The Broadberry music venue, and Brambly Park. The community is a 10-minute commute to employers downtown or in the West End and is also near Brown's Island, the James River and Cary Town.
Otis is currently leasing. Don't miss an opportunity to live in Richmond's hottest neighborhood in one of Scott's Addition's best communities. For more information or to schedule a tour, please visit liveotis.com or call 804-964-2050.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, and development services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates over $250 billion of real estate in 234 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 over 817,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $69 billion of assets under management, including approximately $29 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.
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 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 apartment units with a total development cost in excess of $600 million. Since 2012, Capital Square has completed more than $7.5 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 six 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 Work Places." To learn more, visit www.CapitalSq.com.
SOURCE Greystar
