The Top Invested Opportunity Zones of 2023



Opportunity Zones have been making waves in the investment landscape since their inception in the 2017 Tax Cuts and Jobs Act. Created to stimulate economic growth and revitalize distressed communities, these designated areas have become hotspots for investors seeking tax advantages and impactful investments. After deploying significant capital in 2022, our Austin OZ fund is about to break ground on multiple residential projects in central Texas. 

As we progress into 2023, certain Opportunity Zones have emerged as the most heavily invested, drawing attention from a diverse range of investors. Let’s delve into the top Opportunity Zones of 2023 and explore what makes them so attractive.

Newark, New Jersey

Newark has experienced a significant resurgence in recent years, with its Opportunity Zones receiving considerable investments. The city’s strategic location near New York City and major transportation hubs has piqued the interest of real estate developers and businesses alike. Investments have poured into commercial, residential, and mixed-use properties, revitalizing neighborhoods and fostering job creation. Notable projects include the Riverfront Square development, which aims to create a thriving, mixed-use community along the Passaic River.

Miami, Florida

Miami’s Opportunity Zones have captured the attention of investors seeking to capitalize on the city’s booming real estate market and vibrant cultural scene. Investments have been channeled into affordable housing developments, infrastructure upgrades, and new commercial ventures, promoting sustainable growth in underserved communities. The Wynwood neighborhood, in particular, has transformed into a thriving arts district, attracting creative enterprises and fostering economic revitalization.

Birmingham, Alabama

As the largest city in Alabama, Birmingham has become a focal point for Opportunity Zone investments. Efforts have centered on revitalizing historic districts and creating new economic opportunities in areas like the Civil Rights District and the Innovation Depot. These investments have spurred job creation, small business growth, and infrastructure improvements, ultimately attracting additional investments and resources to the region.

Oakland, California

The San Francisco Bay Area’s soaring real estate prices have spurred investors to seek opportunities in nearby Oakland. The city’s Opportunity Zones have attracted investments in affordable housing, commercial developments, and community-focused projects. The revitalization of neighborhoods like West Oakland and Fruitvale has brought new life to these communities, creating job opportunities and boosting economic growth.

Baltimore, Maryland

Baltimore’s Opportunity Zones have seen significant investments as the city works to address long-standing economic and social disparities. Investments have targeted areas like the historic Pennsylvania Avenue corridor and the East Baltimore neighborhood, aiming to create affordable housing, improve infrastructure, and support local businesses. This influx of capital has helped to lay the groundwork for a more vibrant and inclusive city.


The most heavily invested Opportunity Zones of 2023 are a testament to the power of targeted investments in driving economic growth and revitalization. These designated areas have attracted attention from investors eager to leverage tax incentives and make a tangible impact in underserved communities. By fostering inclusive growth and addressing social disparities, these Opportunity Zones are paving the way for a more equitable and prosperous future.

Final Thoughts

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  1. Internal Revenue Service. (n.d.). Opportunity Zones Frequently Asked Questions. U.S. Department of the Treasury.
  2. Theodos, B., & Meixell, B. (2021). Opportunity Zone Investment Tracker: An Early Look at Investment Patterns. Urban Institute.
  3. Napoli, D. (2022). The Future of Opportunity Zones: Uncovering Success Stories and Lessons Learned. Forbes.
  4. Economic Innovation Group. (2022). Opportunity Zones Activity Map: Investments in America’s Distressed Communities. EIG.
  5. O’Regan, K., & Blair, G. (2020). Opportunity Zones in America: A New Approach to Spurring Economic Development. Brookings Institution.

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