INDIANAPOLIS, IN – The Woodforest CEI-Boulos Opportunity Fund, a high-impact commercial real estate opportunity zone fund established by Woodforest National Bank and CEI-Boulos Capital Management, announced its $ 3 million equity investment in The Wesmont in the Near Eastside neighborhood known from Indianapolis. The new property, which was built on four hectares of redeveloped industrial wasteland, consists of 188 new workers' apartments, 170 of which are affordable for people on low incomes. The Woodforest CEI-Boulos Opportunity Fund is the majority owner of the $ 31.1 million project led by TWG Development, LLC.
The Wesmont, at 1129 East 16th Street, is named after one of the most influential jazz guitarists of the 20th century, Wes Montgomery, who was born in Indianapolis and resident for life. The project is part of a neighborhood redevelopment plan for the city of Indianapolis. In addition to several local designations aimed at revitalizing the neighborhood, The Wesmont is located in one of only 22 federally designated "Promise Zones" in the US for priority government support for local redevelopment initiatives. The project will benefit from an Industrial Recovery Tax Credit issued by the Indiana Economic Development Corporation to incentivize investments in former industrial sites that require significant refurbishment and / or redevelopment.
"CEI-Boulos Capital Management is committed to harnessing the incentive of the Opportunity Zone to achieve its intended purpose – to truly revitalize and revitalize underinvested communities like the Near Eastside neighborhood of Indianapolis," said Sam Spencer, CEO and Managing Director Director, CEI-Boulos Capital Management. "We are very excited to be working with our partners at TWG Development on this transformative project that will provide affordable housing and improve the environment."
"It's great to see our fund's equity investments have an impact on neighborhood initiatives like The Westmont," said Doug Schaeffer, executive vice president, CRA executive director, Woodforest National Bank. "Indianapolis is in urgent need of affordable labor force housing, good jobs and trustworthy advice, and The Westmont is a historic investment that our Fund is proud to be behind."
The revitalization and economic development benefits of this project include access to a public bus stop and an 18 miles walking and cycling path that connects The Wesmont to the city's business districts, schools, parks and residential areas. The development creates new local jobs with an average wage of $ 20.00 / hour. EmployINDY, a nonprofit dedicated to removing barriers to quality employment for underserved and underrepresented residents, will help recruit, hire and train new employees.
"Without the involvement of the Woodforest CEI-Boulos Opportunity Fund in the Opportunity Zone, the project would not be possible," said JB Curry, vice president of market rate development, TWG Development, LLC., An established Indianapolis-based real estate development company based in the proven path in conventional , Labor, senior, and affordable residential / mixed use developments across the country. "This is an example of when an Opportunity Zone investment is made for the right reason and makes all the difference in whether or not a project progresses."
The Wesmont is one of ten high impact investments the fund has made to date. The Opportunity Zones Program is a community investment vehicle established by Congress in 2017 to encourage long-term investment in low-income communities across the country. Opportunity Zones are low-income census areas that are nominated by governors and certified by the US Treasury Department.