1/10/2019 Opportunity Zone Funds Come in Different Shapes and Sizes - Connect Media Commercial Real Estate News

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Opportunity Zone Funds Come in Different

Shapes and Sizes National News

U.S. Multifamily Sector Riding a

January 4, 2019
Robust Cycle
The Dec. 3 update of Qualified Opportunity Zone funds, compiled by the National Council of State Housing Agencies
(NCSHA), lists 53 funds that are now or soon will be operating, and that is surely not an exhaustive list.

While all of these funds seek to build or invest in commercial real estate and/or affordable housing, there is great diversity
in fund size, type of projects sought and locations of the new development or rehabilitation. The funds are valued from just Bridge Buys 1,558-unit

under $1 million all the way up to $3 billion, and are targeted as hyper-locally as specific boroughs in New York City. Southeast Seniors Housing
Portfolio
The $3-billion fund is also one of the few that has established itself as a REIT – The Skybridge-EJF Opportunity Zone REIT,
managed by Anthony Scaramucci’s Skybridge Capital II and announced in November.

“This will be a game-changing product for SkyBridge,” Scaramucci, the former Trump administration communications Buchanan Street Snags
director, told Business Insider. “This will likely be bigger and more important to the firm than our current fund of funds.” Colorado Springs MF for $73M

Unlike many of the Opportunity Zone funds, the Skybridge REIT is looking at multiple CRE sectors – including hospitality,
mixed-use, multifamily and industrial – nationwide and seeks to partner with local developers.

At the other end of the spectrum is the single-project-oriented Tech Transfer Fund I, valued at $976,690. This fund is
Lovell Minnick Partners
designed to boost Grey Ops, LLC in Lusby, MD, which is creating defense technology for the military and first responders.
Acquires ATTOM Data Solutions

Of the 53 funds listed by the NCSHA, 12 are ready to invest $500 million or more, and another 13 have $200 million to $499
million available. A few are willing to do any type of CRE project, though most of them list multifamily development and/or
affordable housing as their preferred sectors. Very few list office or retail projects specifically, though several have mixed-
use development among their specialties. One fund, the King Tide Capital Opportunity Zone Fund, is focusing on hospitality
Connect Apartments
projects in Honolulu, Austin and San Antonio.

632-Bed Aspen Lincoln Sells to Joint Venture
The Miami Opportunity Fund is the second-largest, with capital of $750 million, and is one of 13 that targets one specific
city, metro area or state for Opportunity Zone development. The Miami fund is one of three Florida metro-specific funds

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1/10/2019 Opportunity Zone Funds Come in Different Shapes and Sizes - Connect Media Commercial Real Estate News
established by SikariLuxe. The firm also has a $400-million fund dedicated to Orlando, and a $50 million fund for hospitality
development in Tampa.

Fifty-one of the 53 funds target a number of developments. But the $50-million Sound West Opportunity Zone Fund I in the
Seattle suburb of Bremerton, WA, is designed solely to build Marina Square, a retail, restaurant, office and multifamily
development on the Bremerton waterfront.
Terrance Hunt: Trends in
A couple of funds are earmarked for developments in only a few selected primary and/or secondary markets. For example, (Denver) Multifamily
the $650-million Opportunity Development Group Fund is looking at projects in New York, Miami, Los Angeles, Denver and
Chicago. The Origin QOZ Fund wants to invest in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston, Minneapolis,
Nashville, Phoenix and Raleigh.

And then there are the two most unique funds, both of which aim to boost agribusiness in the east. The $60-million Local The Government Shutdown and
Grown Salads i95 Opportunity Zone Fund hopes to develop greenhouses to grow produce along the Boston-Washington Multifamily

corridor. The $24.8-million North Country Opportunity Zone Fund specifically targets a 20-acre greenhouse in New
Hampshire that will grow tomatoes and greens.

Opportunity Zone funds come in various shapes and sizes. Investors must decide which ones suit them best.
Collier’s Cindy Cooke: The
CONNECT WITH THE NCSHA Skinny on the Southwest

READ MORE AT BUSINESS INSIDER

Tags: Opportunity Zones

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