Investors Choice OZ Fund Adds 76-Unit Opportunity Zone Apartment Development in Milwaukee to Its One-of-a-Kind Portfolio

Investors Choice OZ Fund Adds 76-Unit Opportunity Zone Apartment Development in Milwaukee to Its One-of-a-Kind Portfolio

MILWAUKEE, WI - USG/OZI announced the details of its ground-up opportunity zone project, Elevation 1659, as part of its unique investor-directed, multi-asset opportunity zone fund offering. The six-story, Class A, 76-unit multifamily development, located at 1659 N. Jackson St. in Milwaukee, Wisconsin is being developed by Ogden & Company, the largest full-service real estate company in Wisconsin. This qualified opportunity zone project is scheduled for completion in July 2023.

"We focus on working with local developers who have the best relationships with their local economic development organizations and local governments, and who also historically produce the highest returns for their development projects," said Greg Genovese, CEO of USG/OZI, and founder of USG Realty Capital. "Ogden & Company checks all of those boxes, and then some. We are absolutely delighted to have them as our development partner, and to offer Elevation 1659 in our portfolio of qualified opportunity zone projects for investors to choose from."

Located just one mile north of downtown Milwaukee, Elevation 1659 is being built to meet the local demand for market-rate apartments in the area. It also offers a unique design, with almost all units extending from a central core. The result will be natural light exposure from two or three sides in most units. Most apartment units offer light exposure from only one side unless residents are willing to pay a premium for a building-corner unit.

"The combined parcels are triangular, which allowed us to think creatively about how to maximize the look of Elevation 1659," said Jason Pietsch, managing member with Ogden & Company. "This is a unique design. No one else in this marketplace offers it." 

Investors Choice OZ Fund by USG/OZI officially launched in June 2021. Since that time, the qualified opportunity fund has been adding more projects to its portfolio and continues to seek qualified, viable ground-up multifamily, senior living, storage, and manufactured housing projects to add to its platform. The focus is on projects with investment equity targets ranging from $10 million to $15 million per project, on average.  The fund intends to raise $50 million in new investment equity and can expand the offering to $100 million if needed. 

USG/OZI is also tracking the social and economic impact of its developments to honor the spirit and intent of the federal qualified opportunity zone initiative. This is being done by issuing third-party social impact reports for the life of each project, estimated for at least 10 years. 

"With this, and other projects, we're tracking the input of new capital raised from investors, and the economic impact of those investments," said Kyle Wiese, president and co-manager of USG/OZI, and founder and managing member of OZI Group. "This displays the positive social impact each of our projects have on the local community. New construction on these projects means new jobs, new tax revenues and other items that are important when it comes to social impact reporting."

Source: Investors Choice OZ Fund

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