What Are Opportunity Zones (OZs) and Why Do They Matter?

02/24/2025

Industry Insights

Opportunity Zones are economically distressed communities designated by the U.S. government to spur economic development and job creation through tax incentives. Established under the 2017 Tax Cuts and Jobs Act, the program allows investors to reinvest capital gains into these designated low-income areas in exchange for significant tax benefits. There are over 8,700 Opportunity Zones across all 50 states, DC, and U.S. territories. By investing in a Qualified Opportunity Fund (QOF) – the specialized investment vehicle for OZ projects – investors can defer paying tax on their initial capital gain until 2026 and potentially eliminate taxes on new gains from the OZ investment if held for 10+ years. In short, Opportunity Zones create a win-win: investors receive notable tax breaks (deferral and tax-free appreciation), while communities receive much-needed development funding.

In practice, QOFs channel private capital into OZ projects such as real estate developments or businesses, fueling revitalization in underserved areas. For investors (who must generally be accredited investors to participate in private QOFs), these funds offer a chance to diversify into long-term, impact-oriented assets with lucrative tax advantages. Below we highlight several leading U.S.-based private Qualified Opportunity Funds in 2025 that are open to accredited investors, detailing their focus, strategy, minimum investment, notable projects, and more.

Leading Qualified Opportunity Funds in 2025 (Open to Accredited Investors)

Urban Catalyst Opportunity Zone Fund II

Investment Focus: Ground-up urban real estate development in Downtown San Jose, California, spanning multifamily, hospitality (hotel), and senior living assets.
Strategy: Acquire and develop a diversified portfolio of projects in a single high-growth city center. Urban Catalyst Fund II encompasses four major developments: the Icon and Echo high-rise apartment towers (approximately 1,050 units combined), a Marriott TownePlace Suites hotel (the “Keystone” project), and a senior housing community (Gifford Place). These projects aim to revitalize San Jose’s urban core and capitalize on Silicon Valley’s housing demand.
Notable Projects: Icon & Echo – two adjacent residential towers adding hundreds of units near San Jose City Hall; Keystone Hotel – a 176-key Marriott hotel (opened in 2025); Gifford Place – a 169-unit senior living development. Urban Catalyst has secured city approvals and land for all projects, with construction underway or completed.
Minimum Investment: $250,000
Website: Urban Catalyst – Opportunity Zone Fund II (Official Site)

Altes Capital Opportunity Zone Fund

Investment Focus: Multi-asset Opportunity Zone fund with a nationwide scope, primarily targeting multifamily residential projects (and potentially mixed-use) in high-growth markets across the U.S.
Strategy: Pursues a multi-sector, multi-operator approach emphasizing “shovel-ready” projects with sustainable, high-conviction return potential. The fund is diversified across three main property categories to mitigate risk and optimize returns. Altes Capital leverages partnerships with experienced regional developers and focuses on sectors like multifamily housing which can deliver both impactful community benefits and strong cash flows.
Notable Projects: A pipeline of developments in markets such as Washington D.C., Charlotte (NC), and Tempe (AZ) (as hinted by the fund’s materials). These projects include ground-up apartment communities and mixed-use properties positioned in growing neighborhoods. Each project is selected for its potential to appreciate significantly and contribute to local revitalization.
Minimum Investment: $250,000
Website: Altes Capital – Opportunity Zone Fund

Blueprint Local Opportunity Zone Funds

Investment Focus: Diversified real estate funds investing in institutional-quality commercial real estate across the Southeast, Texas, and Mid-Atlantic regions. Sectors include industrial, mixed-use, multifamily, office, and retail – often in projects that aim for both attractive returns and positive community impact.
Strategy: Blueprint Local takes an impact-driven approach by partnering with local sponsors and developers in target cities. The firm typically raises multi-asset Opportunity Zone funds (as well as single-asset vehicles) and participates as a non-managing investor in each project, bringing equity capital to locally led developments. The strategy emphasizes investing in “growing, dynamic markets” with experienced development teams, balancing opportunistic returns with community benefits.
Notable Projects: Blueprint Local has deployed capital into various projects such as mixed-use developments in Georgia and the Carolinas, revitalization of historic properties in Maryland, and new multifamily communities in Texas. Their funds have been recognized for their impact: Blueprint Local was named among Forbes’ top 10 impact-oriented OZ fund managers and ranked in the top tier of active QOFs nationwide, reflecting its commitment to projects that drive economic growth in underserved neighborhoods.
Minimum Investment: $250,000
Website: Blueprint Local – OZ Fund Investments

CSRA Opportunity Zone Fund IX (Capital Square)

Investment Focus: Single-asset Opportunity Zone fund dedicated to a large-scale mixed-use development in Richmond, Virginia. The project combines Class A multifamily apartments, extended-stay furnished units, ground-floor retail, and structured parking in the thriving Scott’s Addition neighborhood (a designated OZ).
Strategy: Sponsored by Capital Square, a national real estate firm, this fund aims to develop a transformative mixed-use property in an emerging urban district. By focusing on a specific project, the fund concentrates execution and oversight on delivering a high-quality asset. The development’s plan includes approximately 320 market-rate apartment units, 100 furnished apartment-hotel units for flexible stays, ~15,000 sq. ft. of retail space, and amenities like a parking garage, pool courtyard, and fitness center. Capital Square’s strategy is to leverage Richmond’s growing renter demand while contributing to local revitalization.
Notable Project: 1600 Roseneath Rd / 3406 W. Moore St. Development*– A seven-story multifamily building (with a partial eighth-floor mezzanine level) in Scott’s Addition. This project will bring hundreds of new residences and retail options to a former industrial area that has been rapidly redeveloping. It represents Capital Square’s ninth OZ fund project (prior CSRA funds financed similar Richmond developments, underscoring the sponsor’s expertise in this submarket).
Minimum Investment: $100,000
Website: Capital Square – Opportunity Zone Funds Page

Savoy Equity Opportunity Zone Fund

Investment Focus: Multi-asset fund concentrating on urban infill multifamily projects in major Texas markets. The focus is on development and substantial rehabilitation of apartment communities in fast-growing Texas cities (such as Dallas–Fort Worth, Austin, Houston, and others).
Strategy: Savoy Equity Partners specializes in Texas multifamily investments, often integrating complex tax incentives (Opportunity Zones, historic tax credits, etc.) to boost after-tax returns. Since launching its OZ strategy in 2020, Savoy has strategically allocated capital across numerous apartment projects in designated zones. The fund pools investor capital to either co-develop or acquire and improve apartment assets in neighborhoods with strong growth potential. Savoy’s long track record in Texas (50+ real estate ventures since 2011) and focus on tax-advantaged structures aim to deliver superior IRRs while revitalizing neighborhoods.
Notable Projects: To date Savoy has deployed roughly $63 million of OZ equity into over 25 multifamily projects in Texas Opportunity Zones. Examples include a new mixed-income 300+ unit apartment development in Dallas and several workforce housing communities in San Antonio and Fort Worth. These projects typically involve ground-up construction or heavy value-add renovations to create modern, affordable housing options. Savoy’s efforts have been tied to thousands of new apartment units (3,450+ units developed by the team historically), illustrating deep execution capability in this asset class.
Minimum Investment: $100,000
Website: Savoy Equity Partners – Texas OZ Fund

U.S. Energy Development Corporation (USEDC) Opportunity Zone Fund

Investment Focus: Energy infrastructure, specifically oil and gas development projects located within Opportunity Zones. This fund stands out by applying the OZ program to the energy sector rather than traditional real estate, targeting oil & gas drilling and production in qualified zones.
Strategy: Managed by U.S. Energy Development Corp (a veteran independent oil & gas operator established in 1980), the fund invests in a portfolio of oil and gas wells and related assets in West Texas and New Mexico (notably in parts of the Permian Basin and Eagle Ford Shale that fall in OZs). The strategy leverages the sponsor’s 40+ years of industry experience and over $1.5 billion deployed in drilling programs. By structuring these energy projects as QOF investments, investors can reap OZ tax incentives on top of traditional oil & gas tax benefits (like upfront intangible drilling deductions). The fund aims to generate income and asset appreciation from energy production while contributing to economic activity in rural OZ communities.
Notable Projects: USEDC’s Opportunity Zone operations include drilling new wells and developing oil production facilities on leases in designated OZ counties of New Mexico and Texas. For example, the fund has targeted multi-well packages in the Permian Basin (one of the country’s most prolific oil fields) where new horizontal drilling can unlock significant reserves. These projects are among the few energy-focused OZ investments, channeling capital into local jobs and infrastructure for America’s domestic energy sector.
Minimum Investment: $100,000
Website: U.S. Energy Development Corp – OZ Fund Info

Arctaris Impact Fund (Opportunity Zone Fund)

Investment Focus: A nationwide, multi-asset Opportunity Zone fund investing in a mix of operating businesses and real estate projects with a community impact focus. Arctaris’ fund spans various sectors – from renewable energy and infrastructure to mixed-use real estate and operating companies – all within qualified zones across the U.S.
Strategy: Launched in 2019, the Arctaris Impact QOZ Fund employs an innovative model blending public and private capital: it utilizes first-loss guarantees and subordinate capital from philanthropic and government partners to protect and leverage investors’ funds. This structure allows Arctaris to pursue impactful investments in underserved areas with a level of downside risk mitigation. The fund seeks to finance growth-oriented businesses, renewable energy infrastructure, and real estate developments that create jobs in OZ communities. By partnering with organizations like foundations and local governments, Arctaris can provide more patient, flexible capital to high-impact projects. Geographically, the fund has a broad mandate (all 50 states and U.S. territories), but it prioritizes markets where it has partnerships – for example, initiatives in states like Michigan, Maryland, Pennsylvania, and others where it has secured guarantee programs or grants.
Notable Projects: Arctaris has financed projects such as solar energy farms in Alabama, broadband infrastructure in underserved areas of Maine, a mixed-use development in downtown Detroit, and operating businesses like manufacturing companies in Opportunity Zones. One signature investment is a public-private partnership in Erie, Pennsylvania, where Arctaris funds are helping redevelop a waterfront property alongside local stakeholders. The fund’s diversified approach (spanning healthcare facilities, affordable housing, renewable energy installations, and more) exemplifies how OZ capital can flow into projects beyond real estate, supporting business growth and infrastructure in low-income communities.
Minimum Investment: $250,000
Website: Arctaris Impact Investors – Opportunity Zone Fund

Cresset Diversified QOZ Fund III (Peakline Partners)

Investment Focus: Multi-asset Opportunity Zone fund targeting development of large-scale, institutional urban real estate projects in high-growth markets across the United States. Property types include mixed-use, multifamily, office, and retail developments in major metropolitan Opportunity Zones.
Strategy: Cresset Diversified QOZ Fund III continues the strategy of its predecessors (Funds I & II) by investing in a portfolio of ground-up developments in carefully selected urban OZ locations. The fund sponsors (formerly Cresset Partners, now Peakline Partners as of 2025) are among the most prominent in the OZ space, having raised over $1.2 billion across prior OZ funds. They focus on partnering with top-tier developers to create Class A projects in cities with strong demographic and economic growth. By spreading capital across multiple projects and markets, the fund offers diversification while maintaining a focus on “urban core” opportunities (e.g., transit-oriented developments, mixed-use complexes in downtown districts, etc.). Investors in Fund III seek to benefit from the appreciation of a broad portfolio of OZ assets, all managed by an experienced team with a track record of successful exits.
Notable Projects: Fund III’s portfolio is expected to include marquee developments similar to earlier funds’ investments. Previous Cresset OZ funds financed projects like **Brava** (a luxury high-rise multifamily tower in downtown Houston), Brickline (a mixed-use neighborhood redevelopment in St. Louis), Cormac (a large multifamily and retail project in Charleston, SC), and several other projects in cities like Los Angeles, Nashville, and Phoenix. Fund III is already deploying capital – for instance, its first project broke ground in Phoenix in 2024, a 26-story apartment building. These projects often anchor major revitalization efforts in their communities and have collectively created tens of thousands of jobs. Fund III builds on this momentum, targeting similar high-impact real estate developments nationwide.
Minimum Investment: $250,000 (typical minimum for Cresset’s funds)
Website: Peakline Partners (formerly Cresset) – QOZ Fund Information

Finding Opportunity Zone Investments on Brevitas

If you’re looking for individual Opportunity Zone properties or deals, Brevitas offers a powerful platform to discover listings nationwide. Brevitas is a marketplace for commercial real estate, and investors can easily filter for Opportunity Zone opportunities. Whether you’re interested in development land, multifamily assets, or commercial properties within designated OZs, you can find a range of listings on the site. Use the search tools to narrow down properties by location, asset type, and keywords like “Opportunity Zone.” Each listing provides details on the property’s features and OZ status, allowing you to evaluate its potential.

Ready to explore current Opportunity Zone listings? Take action now by visiting Brevitas and viewing available Opportunity Zone properties for sale. Our constantly updated inventory and intuitive search filters will help you uncover attractive OZ investment opportunities that align with your goals. Don’t miss the chance to capitalize on the OZ program before key deadlines – head over to Brevitas and start your Opportunity Zone property search today!