ARCTRUST, a private real estate investment trust, has launched an opportunity zone fund in a joint venture with Velocity Capital, a real estate company that develops projects located in the Washington D.C. metropolitan area.
The fund, Capitol Opportunity Zone Fund LP, will help fund the development of Hampton Park, a $140 million mixed-use project on 25 acres of land located in Prince George’s County, Maryland, a commuter suburb four miles east of Washington D.C.
The 500,000-square-foot project will include 100,000 square feet of retail, 200 apartment units, a nationally branded 100-room hotel, a 115,000-square-foot office building occupied by Prince George’s County, as well as a pavilion area with a restaurant, garden, and outdoor entertainment venue.
“Hampton Park will be a true live-work-play development that that will bring an exciting sense of place to this great market,” said Robert J. Ambrosi, chairman of ARCTRUST. “This project is a private-public partnership project that could not have been achieved without the support of Prince George’s County, and the hard work of our development team and all the professionals involved.”
According to the latest filing with the SEC, the fund is structured as a 506(b) offering, seeks to raise $30 million, and has a minimum investment of $250,000. As of June 5th, the fund had raised $12.6 million from 42 investors.
ARCTRUST specializes in the development, acquisition, financing and joint-venture of net lease properties. The company’s website indicates that its geographic focus is in the New York to Washington D.C. corridor, as well as Florida, but is active in other metropolitan areas nationwide that have international airports. Net Lease properties are single-tenant buildings leased long term to nationally recognized tenants.
Over the past 30 years, ARCTRUST and its affiliates claim to have completed 500 transactions with a total value of more than $3 billion.