Aegon Real Assets US has closed on its first multifamily residential real estate development located within a designated opportunity zone (OZ).
The $60 million development, a joint venture between Aegon RA and a subsidiary of Kemper Corp., is located in downtown Sacramento, Calif., one of 34 select metro areas that Aegon RA's proprietary analysis has deemed an attractive OZ market.
This deal is the first development within Aegon RA's OZ investment strategy, which was launched in January 2019, and is a key component of Aegon RA's multifamily real estate equity platform.
"Aegon RA currently manages a $2.7 billion portfolio of multifamily assets located in OZs, which positions us as a uniquely qualified OZ sponsor," said Philip J. McAndrews, Head of Real Estate Equity. "Inve
