USG Realty Capital Breaks Ground in Wisconsin
The property will be developed through USG’s Investors Choice OZ Fund, which focuses on projects with an equity target of $5 million to $10 million.
USG Realty Capital has broken ground on its 76-unit community in Milwaukee, Wis. The project, Elevation 1659, is for the Investors Choice OZ Fund. Set to finish ground-up construction in September 2023, the asset is being developed by Ogden & Co. Inc.
Elevation 1659 is in an opportunity zone located one mile north of downtown.
“Our platform is focused on mitigating risk for our investors; therefore, where we invest, the type of asset we choose to build and who we pick to be our development partner are of paramount importance,” Greg Genovese, founder & CEO of USG Realty Capital told Multi-Housing News. “Over the past 10 years, Tract 113 in Milwaukee, where Elevation 1659 is being built, has seen a 10% increase in income and population growth year-over-year. Elevation 1659 is a much-needed asset to help satisfy the demand for housing in the area.”
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With high population growth in and near downtown, two Opportunity Zones near the area—one of which includes Elevation 1659—have been named a Top 50 Opportunity Zone by Smart Growth America. Opportunity Zones have proven to be a success, with investment activity accelerating as of March this year.
Next steps for Elevation 1659 include demolition of a warehouse owned by Ogden & Co., tree removal and site preparations. Once completed, the community is expected to be a Class A property.
According to Yardi Matrix data, the asset with be six stories and include mostly one-bedroom apartments.
Since its launch in June 2021, the Investors Choice OZ Fund by USG Realty has added four properties to its portfolio. The fund focuses on communities with an investment equity target from $5 million to $10 million.