Ozone Capital Management, LLC Completes Transformative Opportunity Zone Investment in Knoxville, Tennessee
Ozone Capital Management, LLC and its partners will construct new boutique housing community as part of mixed-use project redeveloping the historic Kerns Bakery site
Investment made as part of the firm's focus on investing in Opportunity Zones, as defined under the 2017 Tax Cuts and Jobs Act
May 30, 2019, 09:52 ET
MENLO PARK, Calif., May 30, 2019 /PRNewswire/ -- Ozone Capital Management, LLC ("OZCM") successfully completed a transformative investment in Knoxville, Tenn. alongside operating partner Mallory & Evans Partners. The investment, made on behalf of and alongside entrepreneurs, institutional investors, family offices, finance executives and technology leaders, will go towards constructing a 160-unit, 310 bed multifamily community at the historic Kerns Bakery Site.
The community is designed to appeal to millennials and members of Generation Z – including young professionals, graduate students, medical students and upper classmen from nearby University of Tennessee. The fully-furnished one- and two-bedroom apartments will have the latest smart-home technology. The two-bedrooms will have roommate floorplans with a private bath for each bedroom. A roommate matching service is available. Amenities will include co-working spaces, a pool, fitness center, a clubhouse, elevators and views of the skyline and greenspace.
The boutique community is the residential component of the innovative Kerns Bakery mixed-use redevelopment. Mallory & Evans Partners will preserve the historic building as a retail, restaurant and entertainment destination with an eclectic, locally-sourced and highly-curated mix of restaurants, smaller food vendors, specialty purveyors and even collaborative office space. They expect to add a name-brand hotel in a later phase of development.
The development will offer residents a walkable lifestyle just steps from restaurants, entertainment and workplaces – with easy access to public transit. The community will also be adjacent to one of the most extensive natural urban environments on the East Coast. Construction on the boutique housing is expected to begin in early summer. The retail and restaurant portion will begin in July. Both should be complete by August 2020. The construction timeline for the hotel will be announced at a later date.
Tom Calahan, Managing Director - Real Estate of OZCM stated, "This project exemplifies our firm's strategy of targeting defensive projects, executed by best-in-class operators in markets that are underpinned by favorable economic and demographic factors. We look forward to building on this strategy and partnership with Mallory & Evans Partners in the very near future."
Matt Morris, Managing Partner of OZCM stated, "Investing in this project alongside our operating partner, Mallory & Evans Partners, falls right in our firm's strategy of stimulating economic activity and creating jobs, while providing investors with exposure to defensive growth investments appropriate for late-cycle investing in secular growth regions of the country. Despite being a native Californian, I spent formative years living in the Southeast, and we are actively pursuing more successful investments in the region to help fulfill the core missions of the Opportunity Zone initiative."
Ozone Capital Management, LLC. is building a leading alternative asset management firm with Opportunity Zone investing as a core initial focus. Based in Menlo Park, the firm seeks to create jobs and stimulate economic growth, while also protecting and growing investor capital. For additional information, please visit OZCM's website at www.ozcm.io. Please contact the firm at [email protected].
SOURCE Ozone Capital Management, LLC
