EJF Capital to launch second real estate Qualified Opportunity Zone fund

Global alternative asset management firm EJF Capital is gearing up to launch its second real estate Qualified Opportunity Zone Fund, EJF OpZone Fund II.

EJF OpZone Fund II will focus primarily on multifamily and industrial development opportunities in disadvantaged areas.

The inaugural EJF OpZone Fund I successful closed on $280 million in January 2021 after more than two years of fundraising. That fund has completed five projects, including apartments in Washington, D.C.; Jacksonville, Fla.; and Vancouver, Wash.; one hotel development in Oakland, Calif.; and two industrial buildings in a multiphase industrial park in Hardeeville, S.C. More projects are currently under construction.

In total, these projects represent more than $600 million in estimated project costs, with $219 million of equity being invested by EJF OpZone Fund I.

“Opportunity zone investments have funneled billions of dollars into communities underserved by capital and have fueled new