The project brings 251 apartment units to Milwaukee’s East Town neighborhood, with support from Opportunity Zone funding.
CLA (CliftonLarsonAllen LLP), one of the leading professional services firms in the U.S., has secured $3.6 million in limited partner equity funding for Nova apartments, a Qualified Opportunity Zone Fund project in the East Town neighborhood of Milwaukee.
A national leader in the Opportunity Zone space, CLA combines deep experience in real estate, tax, and investment management to offer stakeholders broad insight into the full benefits of the Opportunity Zone program. Since 2019, the firm has raised more than $350 million for Opportunity Zone projects.
The project, located at 1237 N. Van Buren Street, is a nine-story, 251-unit building seeking to bring superior residential options at an approachable price point. The amenities include a fitness center, bicycle storage and repair, electric vehicle charging stations, and storage rooms. An outdoor pool deck overlooking the city adds to the effort to create a luxury apartment space in Yankee Hill. After breaking ground in Q4 of 2021, the development is slated for completion in June 2023.
Spearheading the project is New Land Enterprises, a real estate development and property management firm. Tim Gokhman, managing director at New Land Enterprises, worked closely with CLA to secure funding.
“Nova is in an Opportunity Zone, and while that can offer a benefit to investors, it also requires additional compliance and legal work,” said Gokhman. “CLA was an excellent advisor, from both a compliance and capital raise perspective, giving us the ability to broaden our reach to potential investors across the Midwest.”
CLA played an instrumental role in the capital raise, and the firm also provided tax advisory and compliance services, financial model development support, consultations and cost segregation studies on structure, and guidance on Opportunity Zones, deploying its full suite of services.
“CLA is proud to help New Land Enterprises bring additional housing units to the urban core of Milwaukee,” said Tony Hallada, managing principal with CLA Wealth Advisors, who oversaw the capital raise.
Hallada continued, “As we help developers source equity, we’re also offering the opportunity for investors to deploy their equity into real estate. Being able to connect developers with institutional investors means we can also help create opportunities in our communities by bringing multifamily development projects in secondary markets throughout the United States.”
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