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“Forgotten Middle” Seniors Targeted for $26M Opportunity Zone Project
USG/OZI has launched a ground-up opportunity zone project in Bristol, CT, as part of its investor-directed, multi-asset opportunity zone fund offering. Construction on the 117-unit assisted living and memory care senior housing development, KindCare at Bristol, is expected to begin in February 2022 and is anticipated to cost approximately $26 million.
The development seeks to provide housing for the growing number of seniors in the “forgotten middle” — those who cannot afford luxury assisted living but have too much income to qualify for subsidized housing.
Utilizing KindCare’s companion care model, which allows two residents to occupy a single unit, KindCare at Bristol will provide residents with amenities at up to 30 percent less than luxury brands.
Investors Choice OZ Fund by USG/OZI launched in June 2021. The qualified opportunity fund seeks qualified, viable ground-up multifamily, senior living, storage and manufactured housing projects to add to its platform.
- ◦Development
