April 18, 2019
Irvine, CA-based Avanath Development, LLC and Opportunity Assets Group, LLC launched a Qualified Opportunity Zone Fund with a target raise of up to $300 million. In addition to improving low-income communities in designated OZs, the fund is designed to defer and reduce current taxes and provide long-term tax-free investment gains for qualified investors, according to Daryl J. Carter, chairman of Avanath Development, LLC.
“This fund has been created for long-term investors looking to invest in affordable/workforce housing with a proven sponsor and designated, actionable assets,” says Carter. “It will acquire a targeted portfolio of quality affordable/workforce housing, which are mostly cash-flowing properties in need of expansion and/or renovation to be managed by Avanath Development’s affiliate, Avanath Realty.”
Four initial properties are envisioned to benefit from substantial improvements or construction: Woodside Apartments in Ontario, CA; Arbors of Cary in Cary, NC; Ravenna Apartments in Orlando; and North End Landings in Detroit.
For comments, questions or concerns, please contact Dennis Kaiser