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Cedar Creek Lake Opportunity Zone Fund | Cedar Creek Lake Opportunity Zone Fund

The Opportunity Zone Fund Directory is a compilation of publicly-announced funds formed to attract investment in Opportunity Zones (OZs). NCSHA is tracking only multi-project OZ funds. To learn more about a fund included in this directory, click on the name.

Please review the terms of the use before using the directory. To request to add your fund to the directory, please complete this form.

Directory Stats as of October 13, 2020:

218 Total Funds $46.9 Billion Total Anticipated Investment 63% of Funds Target Investment in Affordable Housing and Community Development

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Fund NameCedar Creek Lake Opportunity Zone Fund
Fund Manager or Organizer(s)Symfonia Ventures LLC
Fund Size$30,000,000
Investment Focus
Mixed-use Development, Multifamily Residential
Geographic Focus
Texas
Additional Fund Details

The Cedar Creek Lake Opportunity Zone, located an hour southeast of Dallas, TX, on the popular Cedar Creek Lake is a multi-phase development opportunity:
(1) in a tax-friendly federal Opportunity Zone;
(2) in close proximity to the robust Dallas / Fort Wort economy; and
(3) located on Cedar Creek Lake, 32,000 acres surrounded by 13
growing communities.

The phased development affords the benefit of generating a
significant value increase on the equity invested over the entire 10
year term of the federal Opportunity Zone program. The projects
require $30M to $40M of development equity from an investor
focused on the tax benefits afforded through investing in a federally
approved Opportunity Zone.

Phase 1 ~ Carson’s Lakeside Villages ~ Florida-style lakeside beach
community with 1,000 feet of beach
• Homes, condominiums, cottages, and a marina will be developed and constructed
• Homes, cottages, marina slips, and three of the five condominium buildings sold to users
• The remaining condominium units (two buildings) will be rented until the 10th year
• After year 10, the remaining three condominium units will be sold in preparation for the Opportunity Zone tax-free distribution to the equity investor and GP partner.

Phase 2 ~ Island Towers ~ Florida-style high-rise towers with 360 degree lake views
• The Island Towers will consist of three towers housing 400 total units, each constructed above four floors of parking with 10 floors of double-loaded units, as the site affords a complete lake view in all directions.
• Units will be a mixture of both for-sale and for-rent units. Additionally, purchasers of units will have the option to rent their units on a short-term basis. The Island Towers will collect a management fee for this, comparable to units in Florida and the Gulf Coast.
• After year 10, the complex will be sold in preparation for the Opportunity Zone tax-free distribution for the equity investor and GP partner.

Organization Details

LP / GP Structure

Total Project Costs:
• Phase 1 – Carson’s Lakeside Village – $80,000,000
• Phase 2 – Island Towers – $167,000,000

Projected Returns:
• If operating under a Non-Opportunity Zone Structure – 22% IRR
• If operating under an Opportunity Zone Structure and Tax Benefits – 30% IRR

Contact the QOZ fund for further information.

Fund Contact....
NameLeslie Wulf
Job TitlePartner
Phone(214) 679-5263
EmailEmail hidden; Javascript is required.

The listings on this page are provided as a free service to potential community development funding recipients. The information contained on this page is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to buy securities. NCSHA does not provide investment advice, and these listings are not to be construed as a recommendation to engage in a transaction with a particular party.

The information above is based solely on information provided to NCSHA by the listed contact person for each company, and NCSHA is not responsible for any inaccurate or out-of-date information in these listings. Companies utilizing this free listing are solely responsible for obtaining necessary clearances from their compliance departments.

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NCSHA will continue to update the directory as it becomes aware of new funds or changes to the information listed on ncsha.org.


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