Agora Realty, a real estate developer based in southern California, has formed a joint venture with a family office to invest in properties located in opportunity zones. The $50 million fund will focus on properties in Nevada, Hawaii, Arizona, Colorado, and California. It is seeking investments in retail, industrial, and multi-family properties.

The first acquisition is a parcel in North Las Vegas that will be developed into an 8,000-square-foot retail building. The building will host five restaurants and two retail service-oriented tenants.

The fund is also close to completing the acquisition of a 48,000 square foot building in Mesa, Arizona.

“Agora has a long-standing track record of successfully investing in census tracts that are in redevelopment zones of densely populated cities. We’ve seen first-hand how investment in urban infill areas can revitalize commercial districts, create opportunity for new startup companies, and add value to those that work and live in the areas where we invest,” said Agora Realty CEO Cary Lefton.