New Jersey Community Capital (NJCC) and Ellavoz Impact Capital announced the launch of the Ellavoz Shared Values Opportunity Fund III. The $50 million fund will focus on investing in affordable residential housing projects and mixed-use commercial developments in New Jersey Opportunity Zones. To date, 17 New Jersey and four Florida communities have been targeted for investment. The Fund is focused on single family and multifamily properties that retain affordability as well as selected commercial real estate development that create and preserve quality jobs. The Fund embraces a “Shared Values” investment strategy – that social impact of all investments are weighed equally with the need for a market rate risk adjusted return to investors.
A key partner in the Fund is Community Asset Preservation Corporation (CAPC), the largest not-for-profit affordable housing developer in New Jersey. CAPC will renovate, manage and maintain most of the real property investments.
“We are excited to announce the launch today of Fund III,” said Wayne Meyer, President of NJCC. “We believe that Opportunity Zones can act as a powerful driver of economic and community development. Together with our partners at Ellavoz, we stand ready to unlock place-based investments that expand equitable opportunities and build safe and affordable homes in underserved communities.”
“Despite the pandemic,” said Robert Hutchins, President & CEO of Ellavoz Impact Capital, “this is the third OZ Fund launched by Ellavoz and NJCC in the past 12 months. We are most excited by this multi-asset fund’s vision of diversifying investments in many promising communities. Among the first projects to be funded will be in Atlantic City, Camden, Newark, Trenton, and West Palm Beach. Our ‘shared values’ investment strategy has been proven in our ESVOF I and II which were closed as of December 31, 2020.”
