Altes OZ Fund II, LP
Managed by Altes Capital · Multifamily, Mixed-use, Ground-up development · Opportunity Zones in North Carolina, Texas, District of Columbia
Multi-asset fund deploying into three pre-identified ground-up developments: Camp North End: Kinship (Charlotte), Valley Vista (Austin), Bridge District Parcel 2 (DC). $250K minimum, 10-year hold, sponsor targets 15–20% IRR and 2.5–3.0x equity multiple. Pitched as de-risked relative to single-asset OZ funds — diversification across three sponsors, three metros, and three property profiles inside one capital commitment.
Overview
Diversified Opportunity Zone fund deploying across three high-conviction properties: Camp North End: Kinship in Charlotte, NC; Valley Vista in Austin, TX; and Bridge District – Parcel 2 in Washington, DC.
Sponsor's stated approach: target high-growth opportunity-rich markets with potential for ~3x returns; access differentiated, hard-to-access, off-market real estate opportunities; capitalize on a $1B+ proprietary pipeline of approved projects with proven operator track records; and construct a multi-investment OZ portfolio to diversify vs single-asset funds.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
Diversification across three risk vectors — sponsor, geography, and property type — designed to de-risk vs single-asset OZ funds while preserving upside.
US housing shortage estimated at ~5 million homes; National Multifamily Housing Council projects ~4.3M apartments needed by 2035. Rents continue to rise: +3.5% YoY as of January 2025.
Charlotte, Austin, and Washington DC are positioned in top US growth corridors with strong demographic tailwinds and institutional capital appetite.
Geographic focus
Three-property diversified multi-asset fund: Camp North End: Kinship (Charlotte, NC); Valley Vista (Austin, TX); Bridge District – Parcel 2 (Washington, DC).
Investor timeline
Sponsor
Altes Capital — $3B AUM . Multi-asset OZ fund manager. Per sponsor materials: the investment manager manages and advises on assets in excess of $3B; the firm's investment management and property team has built out over 7 million square feet of real estate assets. Senior portfolio managers' historical AUM at firms such as Citigroup, Bank of America Merrill Lynch, and Man Group totals $25B+.
Leadership team
The people responsible for acquiring and managing the fund's assets.
Key risks
- Illiquid for ~10 years. No public market for shares; plan to leave capital invested for a decade.
- Returns are targets, not guarantees. Real estate can underperform; you could receive less than invested.
- Tax benefit requires the full hold. The appreciation exclusion applies only at 10+ years.
- Three-property concentration — diversification benefits limited compared to a 10-20 property fund.
- Returns dependent on each underlying operator's execution; sponsor relies on partner operators for project delivery.
- Geographic concentration in three specific US metros.
- Single-sponsor execution risk. Outcomes depend on Altes Capital's acquisition and management. Past performance does not guarantee future results.
Model your return
Compare this fund's after-tax outcome against paying the tax and investing elsewhere.
Hypothetical scenarios. Not a forecast. Past performance does not predict future results. Target IRR is sponsor-stated; actual returns may differ materially. S&P 500 baseline uses 10% historical nominal; T-bills 4% nominal. State tax: California 13.30%. Federal LTCG 20% + 3.8% NIIT applied to appreciation at exit on non-OZ paths. QROF appreciation tax-free after 10-year hold per IRC § 1400Z-2. Not investment advice; not an offer to sell securities.
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