CBUS Opportunity Zone Fund III
Managed by CBUS OZ Funds · Multifamily, Ground-up development · Opportunity Zones in Ohio
Urban-core multifamily and single-family rental redevelopment in Columbus, Ohio — with a heavy emphasis on the Franklinton revitalization corridor west of downtown. The distinct hook: as a Qualified Ohio Opportunity Zone Fund, investors receive a 10% Ohio income tax credit on the investment, sellable for cash on the secondary market or usable against Ohio income tax for up to 5 years. Few OZ funds capture state-level credits this directly. $100K minimum.
Overview
CBUS Opportunity Zone Fund III focuses on urban redevelopment of multifamily and single-family rental homes in Columbus, Ohio, with an emphasis on attainable/workforce housing in the urban core (Franklinton revitalization).
The distinctive Ohio angle: as a Qualified Ohio Opportunity Zone Fund, investors are eligible for a State of Ohio income tax credit equal to 10% of the investment. The credit is sellable for cash on the secondary market or usable against Ohio income-tax liability for up to 5 years — on top of federal OZ benefits and pass-through depreciation.
At a glance
Targets are sponsor-stated and not guaranteed.
Investment thesis
10% Ohio state tax credit stacks on top of federal OZ benefits + pass-through depreciation. Few OZ funds capture state-level credits this directly.
Local operator with hands-on neighborhood-level knowledge — Franklinton (just west of downtown Columbus) is an established revitalization corridor.
Workforce/attainable housing focus aligns with Columbus's ongoing population growth tailwinds (Intel fab, healthcare, university anchors).
Geographic focus
Columbus, Ohio urban core — Franklinton neighborhood and surrounding OZ tracts.
Investor timeline
Sponsor
CBUS OZ Funds . Columbus, OH-based local operator focused on urban core redevelopment. In-depth market knowledge across acquisition, renovation, new-home construction, and property management. Community-focused (Franklinton revitalization, neighborhood cleanups).
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.
- Single-market concentration in Columbus, OH urban core — exposure to local employment and population dynamics.
- Small local operator — limited audited track record relative to institutional sponsors.
- Ohio state tax credit utility depends on having Ohio state tax liability OR the secondary market continuing to value the credit.
- Single-family rental + small-multifamily strategy is operationally more complex than larger institutional multifamily.
- Team is not publicly named on the sponsor site at time of listing — limited transparency on principals.
- Single-sponsor execution risk. Outcomes depend on CBUS OZ Funds'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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About this profile
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