KNOXVILLE, TENN. — Capital Square plans to break ground soon on Livano Knoxville, a 348-unit apartment community in south Knoxville. To fund the $116 million development, the firm is launching CSRA Opportunity Zone Fund VIII LLC, a project-specific opportunity zone fund that seeks to raise $46.7 million in equity from accredited investors.
Capital Square has previously secured a $70.4 million construction loan from Truist Bank, as well as a $6.5 million commitment from the City of Knoxville due to the project including 35 workforce housing apartments, which will be affordable to households earning 80 percent of the area median income. Capital Square has also formed a joint venture with LIV Development for the project.
Situated at 451 W. Blount Ave. adjacent to University of Tennessee’s Neyland Stadium, Livano Knoxville will include studio, one-, two- and three-bedroom apartments averaging approximately 930 square feet. The development team, including general contractor Southern Building Group Inc., plans to break ground on the community in February.