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Fund Name Cedar Creek Lake Opportunity Zone Fund
Fund Manager or Organizer(s) Symfonia Ventures LLC
Fund Size $30,000,000
Investment Focus
Mixed-use Development, Multifamily Residential
Geographic Focus
Additional Fund Details The Cedar Creek Lake Opportunity Zone, located an hour southeast of Dallas, TX, on the popular Cedar Creek Lake is a multi-phase development opportunity:
(1) in a tax-friendly federal Opportunity Zone;
(2) in close proximity to the robust Dallas / Fort Wort economy; and
(3) located on Cedar Creek Lake, 32,000 acres surrounded by 13 growing communities.

The phased development affords the benefit of generating a significant value increase on the equity invested over the entire 10 year term of the federal Opportunity Zone program. The projects require $30M to $40M of development equity from an investor focused on the tax benefits afforded through investing in a federally approved Opportunity Zone.

Phase 1 ~ Carson’s Lakeside Villages ~ Florida-style lakeside beach community with 1,000 feet of beach
• Homes, condominiums, cottages, and a marina will be developed and constructed
• Homes, cottages, marina slips, and three of the five condominium buildings sold to users
• The remaining condominium units (two buildings) will be rented until the 10th year
• After year 10, the remaining three condominium units will be sold in preparation for the Opportunity Zone tax-free distribution to the equity investor and GP partner.

Phase 2 ~ Island Towers ~ Florida-style high-rise towers with 360 degree lake views
• The Island Towers will consist of three towers housing 400 total units, each constructed above four floors of parking with 10 floors of double-loaded units, as the site affords a complete lake view in all directions.
• Units will be a mixture of both for-sale and for-rent units. Additionally, purchasers of units will have the option to rent their units on a short-term basis. The Island Towers will collect a management fee for this, comparable to units in Florida and the Gulf Coast.
• After year 10, the complex will be sold in preparation for the Opportunity Zone tax-free distribution for the equity investor and GP partner.

Organization Details

LP / GP Structure

Total Project Costs:
• Phase 1 – Carson’s Lakeside Village – $80,000,000
• Phase 2 – Island Towers – $167,000,000

Projected Returns:
• If operating under a Non-Opportunity Zone Structure – 22% IRR
• If operating under an Opportunity Zone Structure and Tax Benefits – 30% IRR

Contact the QOZ fund for further information.

Fund Contact
Name Leslie Wulf
Job Title Partner
Phone (214) 679-5263

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