Pacific Oak Capital Advisors and Pacific Oak Capital Markets have closed Pacific Oak Opportunity Zone Fund I with $118 million of commitments.
Launched in 2019, Fund I was formed to invest in, develop, redevelop and manage a diversified portfolio of institutional-quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States.
The fund is currently invested in three multifamily properties at different stages of completion and lease-up and is seeking additional investments to further diversify the portfolio. The first two properties are in the Phoenix area, with the third in the Portland, Ore., area.
“We remain broadly optimistic about the market fundamentals for multifamily, and the fund will continue to seek additional investment opportunities while maintaining our discipline on deal selection,” said Peter McMillan, co-founder of Pacific Oak Capital Advisors.