The Woodforest CEI-Boulos Opportunity Fund, a unique collaboration between Woodforest National Bank and CEI-Boulos Capital Management, announced a $3 million equity investment in The Wesmont on the east side of Indianapolis.
The Wesmont is named after Indianapolis native Wes Montgomery, a jazz guitarist who was named “Jazz Man of the Year” in 1967. The new property will be built on a four-acre industrial site, and will consist of 188 apartments.
Workforce housing typically refers to housing that is affordable to households earning between 60% and 120% of the area median income, and is often targeted at middle-income professions such as teachers, firefighters, and retail employees. Monthly rent for Wesmont units will start at $900.
In addition to being located in an Indianapolis opportunity zone, the development is located in one of 22 Promise Zones. “Without the Woodforest CEI-Boulos Opportunity Fund’s Opportunity Zone equity investment, the project would not be possible,” said J.B. Curry, Vice President of Market Rate Development, TWG Development, LLC., the project’s developer. “This is an example of an opportunity zone investment happening for the right reason and making the difference between a project going forward or not.”
This is the tenth investment made to date by the Woodforest CEI-Boulos Opportunity Fund.