Philadelphia-based Arden Group has raised $166.5 million for its Arden Qualified Opportunity Zone Fund, according to a recent filing with the SEC. The firm is seeking to raise $500 million for the fund.
In October, Arden Group announced a joint venture with developer Spitzer Enterprises to construct a new 26-story residential tower in Jersey City, N.J. The $150 million multifamily development, which is located adjacent to the Journal Square PATH station, will provide greater amenities than comparable Manhattan residential offerings with convenient access to New York City.
Arden Group is a vertically integrated real estate investment management firm focused on equity and debt investments in the top 25 US MSAs. The firm’s opportunity zone fund invests in the development of commercial real estate properties located in qualified opportunity zones across the United