USG Realty Capital has announced the ground-breaking of the 76-unit multifamily housing project, Elevation 1659, in Milwaukee, Wisconsin, US.

Ogden & Company is developing the project, which is slated to complete in September next year.

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USG Realty Capital CEO and founder Greg Genovese said: “Elevation 1659 is located in one of the top opportunity zones in the country with one of the strongest social impact studies directly related to this project.

“It’s always a big day when we break ground on a new project, and our developer partner, Ogden & Co., has been wonderful to work with. We look forward to Elevation 1659 becoming a big success for all our investors and a great new addition to this Milwaukee neighbourhood, creating an exceptional positive social impact for the community.”

Elevation 1659 is situated one mile north of downtown Milwaukee in a neighbourhood where several companies and investors are scouting for affordable, urban-oriented commercial and multifamily projects.

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Ogden real estate investment specialist for the project Jason Pietsch said: “In the coming days and weeks, tree removal, building demolition, and subsequent site prep will commence. These initial steps will lay the foundation, quite literally, for the rest of the project – a project we believe will be among the premier Class A apartment buildings in the Milwaukee market.”

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In addition to offering higher quality amenities compared with similar properties in the area, the yet-to-constructed project will have a lower carbon footprint and is expected to provide an overall positive impact on the metro Milwaukee community.

Elevation 1659 is the newest ground-up opportunity zone project for Investors Choice OZ Fund, which was launched last year by USG Realty Capital.

Since its launch, the fund has added four more projects to its portfolio and is seeking to add ground-up multifamily, senior living, storage, and manufactured housing projects.
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Image: Elevation 1659 is a 76-unit multifamily housing project. Credit: chien than from Pixabay.