USG Realty Capital Breaks Ground on Multifamily Housing Project in Milwaukee, Further Diversifying its First-of-its-Kind Investor-Directed Portfolio

USG Realty Capital, a leading investment sponsor specializing in opportunity zones, announced today the commencement of its newest ground-up opportunity zone project for Investors Choice OZ Fund, Elevation 1659, in Milwaukee, Wisconsin. The 76-unit multifamily community is being developed by Ogden & Company, Inc. Elevation 1659 is scheduled for completion in September of 2023.

“Elevation 1659 is located in one of the top opportunity zones in the country with one of the strongest social impact studies directly related to this project,” said Greg Genovese, CEO and founder of USG Realty Capital. “It’s always a big day when we break ground on a new project, and our developer partner, Ogden & Co., has been wonderful to work with. We look forward to Elevation 1659 becoming a big success for all our investors and a great new addition to this Milwaukee neighborhood, creating an exceptional positive social impact for the community.”

Elevation 1659 is located one mile north of downtown Milwaukee in an up-and-coming neighborhood where many investors and companies are searching for affordable, urban-oriented commercial and multifamily projects. According to Smart Growth America, the project’s Milwaukee census tract currently ranks in the top 40 qualified opportunity zones in the U.S. In addition, data compiled by DRC Impact Reporting shows the Milwaukee metropolitan area ranks better than 66% of major U.S. cities in terms of housing affordability, and wealth building for longtime residents is predicted to increase for the local and surrounding regions.

“We are very excited for Elevation 1659’s construction to begin,” said Jason Pietsch, Ogden’s real estate investment specialist for the project. “In the coming days and weeks, tree removal, building demolition, and subsequent site prep will commence. These initial steps will lay the foundation, quite literally, for the rest of the project – a project we believe will be among the premier Class A apartment buildings in the Milwaukee market.”

The project itself is poised to be a strong competitor against other multifamily developments already in the area, offering higher quality amenities compared to similar properties within a one-mile radius. In addition, Elevation 1659 offers a lower carbon footprint and an overall positive impact on the metro Milwaukee community as the neighborhood is expected to experience greater economic gain and lower crime rates.

Investors Choice OZ Fund by USG Realty Capital launched in June 2021. Since that time, the qualified opportunity zone fund has added four more projects to its portfolio and continues to seek qualified ground-up multifamily, senior living, storage, and manufactured housing projects. The $50 million offering focuses on projects with investment equity targets ranging from $5 million to $10 million per project.

About USG Realty Capital

USG Realty Capital is headquartered in Silverdale, Washington, with divisional headquarters for asset management and capital markets in Santa Barbara, California. The USG Opportunity Zone Investment Platform was created by USG Realty Capital, an alternative investment company, and has successfully launched three opportunity zone investment funds. To learn more, please visit www.usgre.com.

This is not an offer to sell securities. An offer to sell securities may be made only pursuant to the applicable Private Placement Memorandum for the security (“The Memorandum”). All investments involve risk. An investment in securities is speculative, illiquid and involves a high degree of risk and there is no guarantee that investors will receive any returns. Risks may include real estate risks; opportunity zone regulatory risks; the volatility of multifamily, single family, medical office, general office, retail, industrial, self-storage, and senior living industries; the impact of COVID-19 outbreak; limited redemption rights; restrictions on transferability; no guarantee of cash distributions; distributions may be paid from any source; reliance on management; financing risks; the fees paid to the manager may not be determined by arm’s-length negotiations; conflicts of interest; and tax risks.

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