Home Alts News Exclusive: Investors Choice OZ Fund to Develop Connecticut Senior Housing Facility

Exclusive: Investors Choice OZ Fund to Develop Connecticut Senior Housing Facility

Investors Choice OZ Fund, a qualified opportunity zone fund sponsored by USG/OZI, plans to develop KindCare at Bristol, a 117-unit assisted living and memory care senior housing property located in Bristol, Connecticut.

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Investors Choice OZ Fund, a qualified opportunity zone fund sponsored by USG/OZI, plans to develop KindCare at Bristol, a 117-unit assisted living and memory care senior housing property located in Bristol, Connecticut. The ground-up opportunity zone project is scheduled for completion in May 2023.

Senior Living Development, a commercial real estate development company specializing in the senior living space, will develop the property.

“When it comes to choosing which qualified opportunity zone projects to include in our portfolio, we are very strict with regard to the demographics and asset class. We only choose projects and development partners that we believe provide the highest potential of success for our investors,” said Greg Genovese, chief executive officer of USG/OZI, and founder of USG Realty Capital. “We believe KindCare at Bristol provides that kind of opportunity. KindCare is a proven, top-quality operator with a business plan that targets a greatly underserved market.”

According to USG/OZI, KindCare at Bristol is located in the middle-class market of Bristol and will provide housing for the growing number of seniors in the “forgotten middle” – those who cannot afford luxury assisted living but have too much income to qualify for subsidized housing.

Utilizing KindCare’s companion care model, which allows two residents to occupy a single unit, the property will “provide residents with amenities at a more affordable price, up to 30 percent less than luxury brands,” the company said. Pandemic-related amenities will include a UV air-handler which has the potential to reduce 99 percent of viruses and bacteria, as well as “technologically integrated rooms” which allow for access to telehealth and virtual visitations.

“Moving a loved one into an assisted living facility is very often a milestone decision for families,” said Mark De Pecol, chief executive officer of KindCare. “There are emotional, social, financial and health-related issues to consider. We designed our community to address not only those most basic of needs holistically, with compassion and creativity, but to take advantage of technologies and design innovations to set ourselves apart from the competition.”

Investors Choice OZ Fund by USG/OZI launched in June 2021. Since that time, the qualified opportunity fund has added more projects to its portfolio and continues to seek 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 $5 million to $10 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 headquartered in Silverdale, Washington, with divisional headquarters for development and financial analysis in Olympia, Washington and asset management and capital markets in Santa Barbara, California. The USG/OZI Opportunity Zone Investment Platform was created by USG Realty Capital, an alternative investment company launched by industry veteran Greg Genovese, and OZI Group, a company that has launched three opportunity zone investment funds.

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