Cedar Creek Lake Opportunity Zone Fund | Symfonia Ventures LLC
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.
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Directory Stats as of February 27, 2024:
248 Total Funds ā $50.19 Billion Total Anticipated Investment ā 56% of Funds Target Investment in Affordable Housing and Community Development
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 ~ Carsonās Lakeside Villages ~ Florida-style lakeside beach
community with 1,000 feet of beach
ā¢ Homes, condominiums, cottages, and a marina will be developed and constructed
ā¢ Homes, cottages, marina slips, and three of the five condominium buildings sold to users
ā¢ The remaining condominium units (two buildings) will be rented until the 10th year
ā¢ 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
ā¢ 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.
ā¢ 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.
ā¢ 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:
ā¢ Phase 1 ā Carsonās Lakeside Village ā $80,000,000
ā¢ Phase 2 ā Island Towers ā $167,000,000
Projected Returns:
ā¢ If operating under a Non-Opportunity Zone Structure ā 22% IRR
ā¢ If operating under an Opportunity Zone Structure and Tax Benefits ā 30% IRR
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Case Studies: Opportunity Zone Investment in Affordable Housing and Community Revitalization
