Alternative asset management firm EJF Capital has closed its second Opportunity Zone investment fund, EJF OpZone Fund II. The investment vehicle netted approximately $167 million of investor subscriptions and commitments from new and existing EJF investors.
Investors in the fund included high-net-worth individuals, registered investment advisors, broker-dealers and a private bank. Building upon the investment strategy of IJF OpZone Fund I, the new fund will invest in ground-up multifamily communities and industrial development projects in areas designated as “Qualified Opportunity Zones” under the federal Tax Cut and Jobs Act of 2017.
The Fund has closed on six investments in five states: Arizona, Florida, Maryland, Missouri and Tennessee. Three of the projects are under development or construction, with another two are completed and leasing. As of the end of March 2023, EJF managed approximately $6.9 billion across a broad spectrum of alternative asset strategies.
In a prepared statement, an EJF official noted the firm’s real estate team looks to continue leveraging appealing EJF OpZone Fund II investment opportunities through a focus on multifamily real estate and industrial development. Four months ago, Atlas Real Estate Partners’ Noah Weiss weighed in on the question of whether or not it is too late to invest in qualified Opportunity Zones.
