Argosy Real Estate Opportunity Zone III

Argosy Real Estate Opportunity Zone III, L.P. (“AROZ III”) is a diversified, multi-asset Qualified Opportunity Zone Fund, available to Qualified Purchasers and Accredited Investors and managed by Argosy Real Estate Partners, a real estate private equity firm with approximately $4.0 billion of real estate assets under management.* Argosy established its QOZ platform in 2019 and has since raised approximately $453 million and completed 26 Opportunity Zone investments, placing Argosy in the top 2% by total equity raised among Qualified Opportunity Funds that self-report to Novogradac (as of December 31, 2025). This ranking reflects capital raised, not investment performance.

This is a fundamentals-first, development-driven strategy in which the Opportunity Zone structure is intended to enhance, rather than define, the investment case. Each investment is underwritten to meet target returns independent of tax benefits, which are treated as incremental upside. The Fund pursues a build-to-core-plus approach, targeting a 10% net IRR and 2.0–2.2x net MOIC to investors (exclusive of tax benefits) over a 10+ year hold, capitalized with 55–60% loan-to-cost construction financing and approximately 65% loan-to-value permanent financing at stabilization.

Argosy focuses on the lower middle market with equity investments of $5 to $25 million per project. AROZ III is a diversified fund, weighted toward rental housing (60–80%), with complementary exposure across industrial, lodging, office, retail, and infrastructure in supply-constrained growth markets. Argosy also expects to invest in rural Opportunity Zones through an Alternative Investment Vehicle (“AIV”), with capital contributed to the main fund and moved to the AIV as qualified rural deal flow is identified.

* Gross AUM includes $3.9 billion of gross assets where AREP holds controlling interests and $40.6 million of unfunded equity commitments as of Q2 2026.

Note on images: The properties presented herein are not available through AROZ III.