Source: USG Realty Capital
MILWAUKEE, WI - USG Realty Capital, a leading investment sponsor specializing in opportunity zones, announced the commencement of its newest ground-up opportunity zone project for Investors Choice OZ Fund, Elevation 1659, in Milwaukee, Wisconsin. The 76-unit multifamily community is being developed by Ogden & Company, Inc. Elevation 1659 is scheduled for completion in September of 2023.
"Elevation 1659 is located in one of the top opportunity zones in the country with one of the strongest social impact studies directly related to this project," said Greg Genovese, CEO and founder of USG Realty Capital. "It's always a big day when we break ground on a new project, and our developer partner, Ogden & Co., has been wonderful to work with. We look forward to Elevation 1659 becoming a big success for all our investors and a great new addition to this Milwaukee neighborhood, creating an exceptional positive social impact for the community."
Elevation 1659 is located one mile north of downtown Milwaukee in an up-and-coming neighborhood where many investors and companies are searching for affordable, urban-oriented commercial and multifamily projects. According to Smart Growth America, the project's Milwaukee census tract currently ranks in the top 40 qualified opportunity zones in the U.S. In addition, data compiled by DRC Impact Reporting shows the Milwaukee metropolitan area ranks better than 66% of major U.S. cities in terms of housing affordability, and wealth building for longtime residents is predicted to increase for the local and surrounding regions.
"We are very excited for Elevation 1659's construction to begin," said Jason Pietsch, Ogden's real estate investment specialist for the project. "In the coming days and weeks, tree removal, building demolition, and subsequent site prep will commence. These initial steps will lay the foundation, quite literally, for the rest of the project – a project we believe will be among the premier Class A apartment buildings in the Milwaukee market."