Chicago Investors Target 750 Million For “Opportunity Zones”

Chicago real estate investor Larry Levy and a pair of Chicago private-equity firm veterans are betting on opportunity zones after raising almost half a billion dollars to deploy into low-income neighborhoods around the country.

For those unfamiliar with the term Opportunity Zone, it’s a designation created by the U.S. government allowing for certain investments in lower income areas to have tax advantages, such as avoiding capital gains taxes. There are about 8,700 such zones in the U.S.

Levy's Diversified Real Estate Capital and Cresset Capital Management announced they're hoping to raise $750 million for their second fund.

Cresset-Diversified, launched in 2018 by Levy and private-equity executives Avy Stein and Eric Becker, is backing seven projects through its first fund totaling about $1.3 billion in development costs. The investments include mixed-use, multifamily and retail properties.

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Mr. Willig engages and coordinates a professional team of real estate brokers, general contractors, leasing agents, and property managers in order to rehabilitate, lease and maintain the properties he acquires for SpringView Investments. He has over 20 years of finance and accounting experience.