For Opportunity Zone capital gain investors, due to COVID-19; the Internal Revenue Service has extended the deadline for those taxpayers who incurred a capital gain and had to make an investment into a Qualified Opportunity Fund within 180 days.
If that 180-day period ends between April 1 and July 15, 2020, the notice now extends the deadline to July 15, 2020.
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Opp Zone Capital Launches the OZC - Southern US Real Estate Qualified Opportunity Fund Seeking Accredited Investors
CLEARWATER, Fla., April 14, 2020 /PRNewswire-PRWeb/ -- Opp Zone Capital, LLC, a Delaware limited liability company ("OZC"), launches the OZC – Southern US RE QOF Qualified Opportunity Fund seeking accredited investors for Mixed-Use, Multi-family, Self-Storage and Hotel Development in the Southeast and Southwest United States. The Fund is authorized to raise $40 million for opportunistic opportunity zone acquisition.
Source: https://finance.yahoo.com/news
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Multi-family
The multi-family site acquisition strategy to consist of a focus on secondary and tertiary cities in the Southern United States that are showing positive trends of population migration, increased job creation rates, decreasing vacancy rates, increasing asking rates, and an environment where absorption rates are far surpassing supply based on our research provided in the investment strategy. We expect to locate land in these regions at below market rate prices through the acquisition of off-market properties for the ground-up development of our units.
In certain circumstances the fund may acquire an asset for renovation should it meet certain criteria. These criteria include, but are not limited to,
- the asset meeting the substantial improvement rule outlined in the OZ Fund Rules,
- properties that are marked historic for the use of HTCs, or
- properties that have city, state or local incentives provided in areas that are in need of housing.
- We also plan to focus on workforce and affordable housing projects and, with the guidance of our tax advisors and counsel, projects that could potentially include Low-Income Housing Tax Credits.
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OZC seeks to accomplish these goals by developing and rehabilitating real property across the hospitality, multi-family, and self-storage verticals that lie within Opportunity Zone census tracts in tertiary markets that OZC's management team believes are stable and high-growth areas. OZC will serve as the Fund's Manager.
Investment Objective
Investing primarily in real estate assets within the self-storage, multi-family, and hospitality sectors, the Fund will pursue investment in these sectors that are located within designated Opportunity Zones. The managers of the Fund believe these targets to be stable and high-growth real estate assets positioned in secondary and tertiary markets throughout the Southern United States such as Mesa, Tampa, San Antonio, Houston, and Atlanta.
A further focus of the Fund, within these asset classes, is geographical locations that have demonstrated positive trends regarding migration patterns, population and income growth, quality of education, and low crime rates. Should the Fund be unable to locate real property in Opportunity Zones that are suitable for investment, the Fund may make investments in OZ Property that do not consist of a direct or indirect interests in real property in order to maintain its OZ Fund status.
