Listed below are the current investments within the fund. We currently plan to purchase one more real estate asset within this fund that would bring the total investment of this fund to approximately $100 million (including debt and equity).
MOF I, LLC’s first Opportunity Zone investment was the purchase of Metropolitan Apartments (“Metropolitan”) in Birmingham, Alabama. The project is in …More Info
Town Park Apartments (“Town Park”), a 263-unit multi-family complex located in Kingsport, Tennessee. Town Park will be substantially complete by April of …More Info
MOF I, LLC’s first Opportunity Zone investment was the purchase of Metropolitan Apartments (“Metropolitan”) in Birmingham, Alabama. The project is in final stages of construction and is currently expected to be completed second quarter of 2019. Metropolitan is a 262-unit apartment community, with 237,631 square feet of rentable area.
We are in the lease up stage of the property now. Metropolitan is expected to stabilize in late 2019 or early 2020, at which point investors could expect to begin seeing distributions.
Upon completion, the property will include 1-, 2-, and 3-bedroom units spread across 5 buildings, all of which are four stories. Metropolitan is considered a “AAA” class complex in a “B+/A-” location that is up and coming in an area very near the University of Alabama at Birmingham campus. We are excited to own this “AAA” asset in the high growth market of Birmingham, Alabama, at a price that we believe provides a good rate of return over the next 10 years.
Town Park Apartments (“Town Park”), a 263-unit multi-family complex located in Kingsport, Tennessee. Town Park will be substantially complete by April of 2019 and is planned to include 249,554 square feet of rentable space. The property features a four-level, elevator serviced, residential complex with pool, business center/clubhouse, fitness center and on-site retail.
The 7.3-acre property site is part of the downtown Kingsport “Opportunity Zone” redevelopment district, an area that the City of Kingsport is heavily invested in seeing develop. The city pushed mightily for this project granting the property a 20-year 100% tax abatement. Town Park will be the premier residential product in the Kingsport market.
Slightly ahead of the Metropolitan schedule, Town Park is expected to be near stabilization towards the end of 2019 at which point investors would begin to see cash distributions.
We do not expect to purchase further assets into the first fund. Total initial equity investment required for this first fund is approximately $43 million with $98 million of assets under control. Unlike other Opportunity Funds available for investment, the Maxus Opportunity Fund Manager and affiliates have loaned necessary capital to close on the assets of the fund allowing investors to participate in the equity post-close until we have fully repaid those loans.
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