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Chicago & Midwest  + South Side  + Finance  | 

Redevelopment of Bronzeville Neighborhood Gets Boost With Launch of $50M Affordable Housing Fund

Eagle OZ, a Chicago real estate investment group, today launched Eagle OZ Fund II, an Opportunity Fund that provides investors with the chance to invest in a Qualified Opportunity Zone focused on the construction of 444-multifamily apartment rentals in the Bronzeville region of Chicago, which is now in the beginnings of a huge multi-billion dollar redevelopment plan. 

Additionally, Eagle OZ announced its new partnership with Peak Capital Solutions.

“After the success of our Eagle OZ Fund I, we are very excited to launch Eagle OZ Fund II,” said Jamie Nahon, Eagle OZ’s founder and president. “We believe that the Fund is not only a way to positively impact and support Bronzeville’s revitalization, but it also has the potential to provide investors with great upside, along with the added benefit of an Opportunity Zone’s tax incentives.

The Fund itself seeks to raise $50 million of equity for the new construction of 444-multifamily rental units in the Qualified Opportunity Zone tracks located across Bronzeville. An Opportunity Zone offers several potential tax benefits for investors, including the elimination of capital gains taxes and zero recapture. 

Located on Chicago’s South Side, Bronzeville is a historically significant neighborhood which is currently experiencing massive revitalization efforts with more than $10 billion in economic development and 55,000 new jobs expected to form in 2022. Additionally, Bronzeville plays an important role in African-American history.

“We are very excited to partner with Eagle OZ,” said Brian Conneely, president, Peak Capital Solutions. “We look forward to supporting Eagle OZ with our full selection of services in order to maximize their fund-raising efforts for Eagle OZ Fund II.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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