The Ellavoz Shared Values Opportunity Funds (ESVOF) invest in price- attainable single-family and multifamily housing developments and substantial rehabilitation projects within designated opportunity zone census tracts. The typical investment term is 10-years.

EIC partners with private developers, opportunity zone landowners, and nonprofit partners, who have established trusted relationships in these communities and have access to state and local resources that make projects financially viable to deploy ESVOF capital.

ESVOFs can invest nationally in qualified census tracts. The Funds invest in diverse housing asset types including build-to-rent single family homes, workforce & affordable multifamily housing, and substantial building rehabilitation/conversion projects.

A Sampling of Projects in our Shared Values Opportunity Funds

Newark Commons. Newark, New Jersey – Ellavoz is transforming a 100,000-square-foot vacant hospital building into workforce housing apartments aimed at young professionals and students looking for affordable, high-quality accommodations in a Newark neighborhood where housing costs are rising. Located within an Opportunity Zone, the development will feature 42 units with 146 bedrooms total, serving mobile professionals, essential healthcare workers, and college students. The project targets a 12% annual internal rate of return during the holding period needed to qualify for full 100% tax exclusion at the time of sale. Construction is scheduled to begin this spring.

Cedar Creek Estates. Jacksonville, Florida – Our Cedar Creek project completed its construction phase ahead schedule, with tenants now moving into the community. Located within an Opportunity Zone in Jacksonville, Florida, this innovative build-to-rent single family residential community helps satisfy the growing demand for affordable high-quality housing in Jacksonville. The project, with a cost of about $14 million, has transformed nine acres into 45 comfortable single-family homes. We are targeting 12% tax exempt annual IRR on this project. This past summer, Ellavoz hosted a successful dedication ceremony which included attendance of elected officials, our site builders, developers, managers and many of the construction workers onsite for the official kickoff of this Veterans Preference project.

1807 East Huntington Street, Philadelphia, PA. Ellavoz has acquired an existing building located in an Opportunity Zone, which will undergo a major transformation over the next year. The project will create a mixed-use building that will reserve 60% of residential Units for much needed Affordable Housing or households earning less than 80% Average Median Income. When completed, there will be 109 residential units, along with significant commercial space.

Legacy Village, Fort Lauderdale Florida. Mixed Use – Ellavoz and their partner, the Urban League of Broward County have secured approval to purchase four lots from the Fort Lauderdale CRA for $1. The subsidized acquisition price will enable the partners to offer affordable and workforce housing. As currently envisioned, the project will create approximately 75 units of housing with a mix of rental and for sale homes. The project will also contain a health center and grocery store to serve the surrounding community, which lacks sufficient health services and is a food desert.

For more information on these properties, and others within our pipeline of Opportunity Zones projects, contact Chris Ferry at chris@ellavoz.com