Trilogy Multifamily Opportunity Zone Fund

Overview

Trilogy Multifamily Opportunity Zone Fund is a $100M Qualified Opportunity Zone fund developing institutional multifamily in designated Opportunity Zones - led by the Edgewater 27 high-rise in Miami's Edgewater submarket, with additional ground-up projects. Sponsored by Trilogy Real Estate Group, a vertically integrated multifamily developer and operator with $5.5B+ in lifetime volume and 14,000+ units now allied with Greystar, the fund targets a 12-14% deal-level IRR and a 2.25-2.75x equity multiple over a 10-year hold, while delivering the Opportunity Zone tax benefits: deferral of reinvested capital gains and tax-free appreciation on the OZ investment when held at least 10 years.

Highlights

Full Opportunity Zone tax package: defer tax on reinvested capital gains and pay no federal tax on OZ appreciation after a 10-year hold.

Targets a 12-14% deal-level IRR and a 2.25-2.75x equity multiple over the fund term.

Ground-up multifamily development anchored by Edgewater 27 in Miami's high-growth Edgewater submarket.

Sponsored by Trilogy Real Estate Group: $5.5B+ lifetime volume, 14,000+ units, vertically integrated and allied with Greystar.

Conservative 50-70% target leverage; $100M best-efforts raise; $100,000 minimum investment.

Analysis

Insights

Best suited to investors with recent capital gains seeking long-term, tax-advantaged growth rather than current income - a different profile from a stabilized, income-now DST. Eligible gains must generally be reinvested within 180 days to capture the OZ benefits.

Advantages

Powerful OZ tax benefits (gain deferral plus tax-free exit after 10 years); experienced vertically integrated multifamily developer; new-construction product in supply-constrained Sunbelt markets; meaningful GP co-investment alignment.

Concerns

Long, illiquid 10-year-plus hold; development and lease-up execution risk; appreciation-driven with limited current income during construction; best-efforts fund with GP discretion over assets and leverage.

Financing

LenderAsset-level financing (50-70% target leverage)

Interest RateN/A

Loan TermN/A

I/O PeriodN/A

AmortizationN/A

Y1 DSCRN/A

Benchmarks

Avg. Income

This deal

Market4.99%

Growth

This deal0.00%

Market25.67%

Not Analyzed

Peak