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Eagle OZ has announced the launch of its second qualified opportunity fund, which will seek to raise $50 million to complete the construction of 444 multifamily apartment rentals in Chicago.
The Eagle OZ fund will specifically target the Bronzeville neighborhood of Chicago. Located on the near south side of Chicago, the Bronzeville neighborhood is home to former residences of Louis Armstrong, Nat King Cole, the Marx Brothers, and row homes built by Frank Lloyd Wright. Historically a hub for African-American business and music, Bronzeville is now in the middle of a renaissance. The neighborhood is positioned between the Loop and Hyde Park, home to the University of Chicago.
“After the success of our Eagle OZ Fund I, we are very excited to launch Eagle OZ Fund II,” said Jamie Nahon, Eagle OZ’s founder and president. “We believe that the Fund is not only a way to positively impact and support Bronzeville’s revitalization, but it also has the potential to provide investors with great upside, along with the added benefit of an Opportunity Zone’s tax incentives.
Eagle OZ is partnering with Peak Capital Solutions on the second fund. Peak is a third-party sales and distribution firm.
Eagle’s fully subscribed first fund currently has 24 units under construction in the Bronzeville neighborhood of Chicago. Eagle OZ founder Jamie Nahon previously presented this fund at OZ Pitch Day: