USG Realty Capital, an alternative investment sponsor focused on opportunity zones, has begun construction on Elevation 1659 in Milwaukee, Wisconsin. The 76-unit multifamily community is being developed by Ogden & Company, Inc. Elevation 1659, part of Investors Choice OZ Fund, a 506(c) private placement launched in 2021, is scheduled for completion in September of 2023.
“Elevation 1659 is located in one of the top opportunity zones in the country with one of the strongest social impact studies directly related to this project,” said Greg Genovese, CEO and founder of USG Realty Capital.
Elevation 1659 is located one mile north of downtown Milwaukee. According to Smart Growth America, the project’s Milwaukee census tract currently ranks in the top 40 qualified opportunity zones in the U.S. based on walkability, job density, housing diversity and distance to the nearest top 100 central business district.
“We are very excited for Elevation 1659’s construction to begin,” said Jason Pietsch, Ogden’s real estate investment specialist for the project. “In the coming days and weeks, tree removal, building demolition and subsequent site prep will commence. These initial steps will lay the foundation, quite literally, for the rest of the project – a project we believe will be among the premier Class A apartment buildings in the Milwaukee market.”
Since its launch in June 2021, Investors Choice OZ Fund by USG Realty Capital has added four development projects to its portfolio and says it continues to seek qualified ground-up multifamily, senior living, storage, and manufactured housing projects. The $50 million offering focuses on projects with investment equity targets ranging from $5 million to $10 million per project.
USG Realty Capital is headquartered in Silverdale, Washington, with divisional headquarters for asset management and capital markets in Santa Barbara, California. The USG Opportunity Zone Investment Platform was created by USG Realty Capital, an alternative investment company, and has launched three opportunity zone investment funds.