Virginia-based EJF Capital has closed its second Opportunity Zone fund, EJF OpZone Fund II, securing approximately $167 million from a range of investors.  

The fund continues the strategy of its predecessor, focusing on ground-up multifamily housing and industrial development projects within “Qualified Opportunity Zones” designated by the federal Tax Cut and Jobs Act. The fund has made six investments, spanning construction and completed leasing projects across several states.  

“To date, EJF’s dedicated real estate team has built a diversified portfolio of real estate investments focused on multifamily housing and industrial development,” said Asheel Shah, head of real estate development at EJF. “We are excited to continue to build upon this strategy and capitalize on attractive investment opportunities through EJF OpZone Fund II.”