SKK OZ Fund to take part in New Orleans university project
Project developers -- SKK Opportunity Zone Fund I, LLC, and 1532 Tulane Partners -- will be involved in converting a public hospital building in New Orleans into a public university space. The Charity Hospital in New Orleans had been left unusable after Hurricane Katrina struck in 2005. Tulane University plans to initially occupy around 350,000 square feet of the hospital space once construction and redesign works get completed by 2025. Apart from using it for its educational space needs, the university plans to use the 20-story tall hospital building space for housing apartments, retail as well as laboratories.
AJ Capital Partners makes 24-acre Opportunity Zone investment in Miami
Real estate firm Adventurous Journeys (AJ) Capital Partners has acquired a majority stake in a 24-acre property portfolio from developer MVW Partners in a designated Opportunity Zone in Miami's Little River. The exact amount of the investment was not disclosed. AJ Capital has multi-billion-dollar investments in real estate in 45 markets, including $1.1 billion in OZs in New Orleans Portland and Nashville. The latest move in Miami is AJ Capital's seventh OZ investment.
Opportunity Zone hotel project in Detroit gets $64M in financing
The Mission Capital Debt & Equity firm has announced that it will provide $64 million to build the Godfrey Hotel Detroit, which is an Opportunity Zone project located in Detroit, Michigan. The 4.5-star hotel will be spread across 145,000 square feet that would include a 9,000-square foot meeting space. The OZ project is expected to further uplift Detroit's Corktown neighborhood. Mission Capital Debt & Equity is part of Marcus & Millichap Capital Corporation.
Pinnacle Partners launches new $100M OZ fund
The Seattle-based joint venture firm, Pinnacle Partners, has announced that it is launching a new $100 million Qualified Opportunity fund that would focus on building multifamily housing units across the U.S. The OZ investment fund would be in partnership with Javelin 19 Real Estate. The fund is targeting key multifamily projects in several American cities, including Seattle, Denver, Dallas, Salt Lake City, Nashville, and Austin. Pinnacle Partners is said to have so far invested $130M in at least nine projects comprising 1,300 units.
Median home prices increase by 62% in majority of OZs
The median prices of condo and single-family units in Opportunity Zones across the U.S. have increased by 62%, according to the latest ATTOM Data Solutions report. The current national median price is $310,500. In fact, there was a near double increase in home prices in 10 OZs; for example, in Hennepin County, Minnesota, prices increased from $169,971 in the third quarter of 2020 to $337,225 in the third quarter of 2021; other OZs which saw doubling of home prices were in Galveston County, Miami-Dade County, Whatcom County, Contra Costa County, Adams County, Belknap County, San Diego County, Sarasota County and Hillsborough County.
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