Investors Choice OZ Fund Adds 117-Unit Assisted Living and Memory Care Development in Connecticut to Investor-Directed Portfolio

November 30, 2021

USG/OZI announced today the details of its ground-up opportunity zone project, KindCare at Bristol, as part of its investor-directed, multi-asset opportunity zone fund offering. The 117-unit assisted living and memory care senior housing development, located in Bristol, Connecticut, is being developed by Senior Living Development, an experienced commercial real estate development company specializing in the senior living space. This qualified opportunity zone project is scheduled for completion in May 2023.

“When it comes to choosing which qualified opportunity zone projects to include in our portfolio, we are very strict with regard to the demographics and asset class. We only choose projects and development partners that we believe provide the highest potential of success for our investors,” said Greg Genovese, CEO of USG/OZI, and founder of USG Realty Capital. “We believe KindCare at Bristol provides that kind of opportunity. KindCare is a proven, top-quality operator with a business plan that targets a greatly underserved market. We are extremely pleased to partner with them and to add KindCare at Bristol to our portfolio.”

Conveniently located in the solid middle-class market of Bristol, the development will provide much needed housing for the growing number of seniors in the “forgotten middle” – those who cannot afford luxury assisted living, but have too much income to qualify for subsidized housing. Utilizing KindCare’s companion care model, which allows two residents to occupy a single unit, KindCare at Bristol will provide residents with first-class amenities at a more affordable price, up to 30 percent less than luxury brands. Such amenities will include pandemic-resistant features, like a UV air-handler which has the potential to reduce 99 percent of viruses and bacteria, as well as other leading-edge innovations including technologically integrated rooms which allow for easy access to telehealth and virtual visitations.

“Moving a loved one into an assisted living facility is very often a milestone decision for families,” said Mark De Pecol, chief executive officer of KindCare. “There are emotional, social, financial and health-related issues to consider. We designed our community to address not only those most basic of needs holistically, with compassion and creativity, but to take advantage of technologies and design innovations to set ourselves apart from the competition.”

Investors Choice OZ Fund by USG/OZI launched in June 2021. Since that time, the qualified opportunity fund has been adding more projects to its portfolio and continues to seek qualified, viable ground-up multifamily, senior living, storage, and manufactured housing projects to add to its platform. The focus is on projects with investment equity targets ranging from $5 million to $10 million per project, on average. The fund intends to raise $50 million in new investment equity and can expand the offering to $100 million if needed.

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