Eagle OZ, a Chicago-based real estate investment group, has launched Eagle OZ Fund II LP, an opportunity zone fund that seeks to raise $50 million from accredited investors to construct 444 multifamily rental homes across several infill lots in the Bronzeville neighborhood of Chicago.
Located in a qualified opportunity zone, the Bronzeville neighborhood is experiencing a “revitalization” with more than $10 billion in economic development and 55,000 new jobs expected in 2022.
The South Side community has played an important role in African American history as the birthplace of Black History Month and the once-home of musicians Louis Armstrong and Nat King Cole, Pulitzer Prize-winning poet Gwendolyn Brooks, and civil rights activist Ida B. Wells.
The opportunity zone program was created to spur investments in distressed communities nationwide by offering potentially significant tax benefits to investors, particularly those who hold their investments long term. The 8,764 designated opportunity zone tracts are home to more than 10 percent of the nation’s population.
“After the success of our Eagle OZ Fund I, we are very excited to launch Eagle OZ Fund II,” said Jamie Nahon, founder and president. “We believe that the fund is not only a way to positively impact and support Bronzeville’s revitalization, but it also has the potential to provide investors with great upside, along with the added benefit of an opportunity zone’s tax incentives…”
Additionally, Eagle OZ disclosed a new partnership with Peak Capital Solutions, a third-party sales and distribution firm that assists sponsors with their capital raising efforts.
According to an SEC filing, Eagle OZ’s first qualified opportunity zone fund, Eagle OZ Fund I LLC, launched in March 2021 and sought to raise $6.5 million in investor equity. The fund currently has 24 residential units under construction.
Eagle OZ is led by a team of real estate professionals with a track record of residential property investments in the Chicago area.