MILWAUKEE, WI – USG / OZI announced the details of their base opportunity zone project, Elevation 1659, as part of their unique, investor-focused, multi-asset opportunity zone fund offering. The 76-unit Class A six-story apartment building located at 1659 N. Jackson St. in Milwaukee, Wisconsin is being developed by Ogden & Company, the largest full-service real estate company in Wisconsin. This qualified opportunity zone project is expected to be completed in July 2023.
"We focus on working with local developers who have the best relationships with their local business development organizations and local governments and who have historically generated the highest returns on their development projects," said Greg Genovese, CEO of USG / OZI and founder of USG real estate capital. "Ogden & Company ticks all of these boxes and a few more. We are delighted to have you as our development partner and to offer Elevation 1659 to our portfolio of qualified opportunity zone projects for investors to choose from."
Elevation 1659 is just one mile north of downtown Milwaukee and is being built to meet local demand for marketable housing in the area. It also offers a unique design with almost all units starting from a central core. The result is natural exposure from two or three sides in most devices. Most residential units only have one-sided exposure unless residents are willing to pay an extra charge for a corner of the building.
"The combined plots are triangular, which allowed us to think creatively about how to maximize the look of Elevation 1659," said Jason Pietsch, executive director of Ogden & Company. "This is a unique design. Nobody else in this market offers it."
USG / OZI's Investors Choice OZ Fund was officially launched in June 2021. Since then, the Qualified Opportunities Fund has added more projects to its portfolio and continues to seek qualified, profitable multi-family, senior, warehouse and prefabricated housing projects to add to its platform. The focus is on projects with investment goals averaging $ 10 million to $ 15 million per project. The Fund intends to raise $ 50 million in new investment capital and may expand to $ 100 million if necessary.
USG / OZI is also tracking the social and economic impact of its developments to recognize the spirit and intent of the federal Qualified Opportunity Zones initiative. This is done by preparing third party social impact reports for the duration of each project, which is estimated to be at least 10 years.
"With this and other projects we are tracking the input of new capital raised by investors and the economic impact of these investments," said Kyle Wiese, President and Co-Manager of USG / OZI and founder and managing director of member OZI- Group. "This shows the positive social impact each of our projects has on the local community. The new construction of these projects means new jobs, new tax revenues and other items that are important to social impact reporting."
