IAA Fund I, LP $5,000,000
We created our first pooled fund to provide mezzanine financing to allow for the acquisition of assisted living facilities that needed complete refurbishment and updating. That idea morphed into taking equity positions in those facilities, and resulted in our investments in five facilities in North Carolina. The fund also was able to acquire additional CON beds and will be participating in the building of brand new facilities in Rocky Mount Mills and Hendersonville, North Carolina.
IAA Fund II, LP $10,000,000
Again, focusing on senior housing, our second pooled fund began fundraising in September 2018 to essentially replicate the success of IAA Fund I, LP. Thus far, we have exceeded our fundraising goals and have acquired interests in multiple senior housing facilities in Georgia and North Carolina. A brand new facility is nearing completion in Swansboro, North Carolina, with new facilities planned for Salisbury, Wilkesboro, and Tarboro.
IAA Fund III, LP $20,000,000
We will begin fundraising for IAA Fund III, LP in January 2020 to continue our investments in senior housing.
IAA OZ Fund I, LP $40,000,000
We are proud of our December 2019 fundraising efforts for our new Opportunity Fund, enabling our partners to participate in our tax advantaged investment(s) in designated Opportunity Zones. We have identified our first project, which will be in Clayton, North Carolina. We will develop and build a new Assisted Living Facility and a new Independent Living Apartment community.
IAA Academy Park Fund, LP $12,000,000
IAA Academy Park Fund, LP was established to fund and develop a unique opportunity in Cary, North Carolina. The project will feature two buildings at the intersection of Walnut and Walker Streets in the heart of downtown Cary: a 153 unit luxury apartment community with 17,500 sq. ft. of ground floor retail space, as well as a 103,000 sq. ft. Class A Office Building, including 20,000 sq. ft. of ground floor retail space. The Academy Park project will be a cornerstone for the revitalization of downtown Cary, wrapping the newly built Cary Regional Library and parking garage, and immediately adjacent to the Downtown Cary Park with $50,000,000 in planned improvements beginning in 2021.