Inland Real Estate Investment Corp., a vertically integrated real estate investment and finance company with more than $16 billion in assets under management, has announced the completion of the approximately $28 million equity raise for Office Conversion Opportunity Zone, a private real estate investment vehicle structured to qualify as a qualified opportunity fund and sponsored by an affiliate of Inland Investments. The offering has been fully subscribed and is now closed.
The fund maintains an approximately 89 percent ownership interest in a 16-story building located at 386 Wabasha St. N. in downtown St. Paul, Minn., which is in a population census tract that has been designated as a qualified opportunity zone (QOZ), pursuant to Internal Revenue Code. The property is being redeveloped from an underutilized office building into a modern multifamily residential community consisting of 178 apartment units and approximately 2,338 square feet of street-level retail space. Upon
