Aegon Real Assets Launches Opportunity Zone Platform

Rendering of the apartment development in downtown Sacramento

CEDAR RAPIDS, IA—Aegon Real Assets US has closed on its first multifamily residential real estate development located within a designated Opportunity Zone. The $60 million development, a joint venture between Aegon RA and a subsidiary of Kemper Corp., is located in downtown Sacramento, CA, which is one of the 34 select metro areas that Aegon RA has determined to be an attractive OZ market.

This deal is the first development within Aegon RA’s OZ investment strategy, which was launched in January 2019. It is also a key component of Aegon RA’s multifamily real estate equity platform. The company currently manages a $2.7 billion portfolio of multifamily assets located in OZs, according to Philip J. McAndrews, head of Real Estate Equity. “Investing in OZs is one of several key initiatives we are implementing to expand our real estate equity platform,” he says in prepared remarks.