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Oak Cliff Community Investment Fund, LLC was formed for the purpose of acquiring and preparing the site for a 63 acre mixed use development, “Parks at Oak Cliff”, in the Oak Cliff region of Dallas, Texas.
In the first phase the Company will seek to acquire, entitle, and sell to a partner entity a 63 acre parcel of land on which to build the development with the intention of providing participating investors with a real estate investment opportunity with a significant return after 5 years.
The planned mixed-use development is designed to meet the demand for affordable housing, high quality retail, and other community spaces currently lacking in the southern sector of the city and to create a substantial return for investors.
The organized project is approximately 63 acres and will include:
Both the owner-occupied and multi-family housing market in Dallas and specifically in Oak Cliff are currently strong. Home values and rents have been rising. The median list price for a home in Oak Cliff was $267,000 in August of 2021, up 18.7% year over year. Development is moving south in the City of Dallas toward the Oak Cliff region. Much of the northern sector of Dallas has been developed, leaving most of the raw land and opportunity to build new developments from the ground up in the southern sector. A 2018 study by the City of Dallas disclosed a need for an additional 20,000 affordable units.
According to the US Census Bureau, Dallas’ population grew by approximately 250,000 from 2010 to 2019 to 1.34 million people, 65% of whom are between 18 and 65 years old. 40% of Dallas’ housed residents live in owner-occupied housing, with 60% renting. Dallas is a racially diverse city; the population is 24% Black, 42% Latino, and 29% white.
The Fund Manager believes these factors create a strong case for the need for Parks at Oak Cliff, a planned mixed use development in Oak Cliff that includes mixed income multi-family and owner-occupied housing, retail, and community amenities.
The Fund intends to raise the necessary capital for the acquisition and entitlement of the development site as Phase 1 of a multi-phase development. The Fund Manager will operate as a hybrid real estate investment fund in order to minimize investor risk. Reaching the minimum amount specified in this raise will allow the fund to acquire and also entitle the land. The entitlement of the land will increase the value of the asset and help to facilitate maximum investor returns at whichever point the asset disposition occurs. The Fund’s execution strategy for these opportunities is detailed below:
Primary Preferred Method: The Fund Manager completes the target raise, the land is acquired, the entitlement process is complete, and the land is then available for sale to a partner entity.
While a significant amount of equity and value is present from the time of entitlement, additional equity and profit is realized through the targeted sale of the land for specified use. The Fund Managers have engaged an urban planning firm and community stakeholders to determine the highest and best use of the land based on current demand. The completion of the entitlement process based on this extensive research will add increased value and maximize investor returns. The Fund Manager has the needed experience and established relationships to support the successful completion of the entitlement process.
Secondary Method: While The Fund Manager fully intends to successfully complete the steps outlined in the Primary Method above, we also realize the need to prepare for unexpected volatility in the market should it occur. The Secondary Method would be a simple and effective way to address such an occurrence. As previously stated, the minimum set for this raise would cover both the acquisition and entitlement of the land. Simply put the increased value of the land following entitlement helps to shield the investor from loss if the need for a quick sale is ever determined.
Minimum Offering: $3,200,000
Minimum Investment: $50,000 (50 Units)
Oak Cliff Community Investment Fund, LLC (the “Company” or “OCCIF”, or the “Fund”), a Texas Company, is offering a minimum of $3,200,000 and a maximum of $3,900,000 Membership Units at a price of $1,000 per Unit. Upon completion of the Offering between 3,200 and 3,900 Membership Units will be issued.
Distributions shall be issued, as directed by the Company’s Treasurer or Assistant Treasurer, on an annual basis, based upon the Company’s fiscal year. The distribution shall not exceed the remaining net cash of the Company after making appropriate provisions for the Company’s ongoing and anticipatable liabilities and expenses. Each Member shall receive a percentage of the overall distribution that matches that Member’s percentage of Membership Interest in the Company.
Upon the dissolution of the Company, each Member shall only be entitled to look solely to the assets of the Company for the return of its Initial Contribution and shall have no recourse for its Initial Contribution and/or share of profits (upon dissolution or otherwise) against any other Member.
The Company is currently managed by seasoned business and sector professionals dedicated to the success of the Company and efficient execution of its planned operations.
Joe Estelle serves as a Principal and Senior Manager of Oak Cliff Community Investment Fund, LLC (OCCIF). Mr. Estelle has enjoyed a career in the real estate and mortgage finance industry spanning over 20 years with a broad array of expertise in the acquisition and management of real estate assets. Mr. Estelle is responsible for the overall management of the fund and has senior approval of all operating decisions regarding the fund. Prior to serving as a primary principal with OCCIF Mr. Estelle was principal partner with Goddard Surell, Inc. a Dallas based real estate investment firm. He also served as Managing Director of a mortgage lending firm which he founded in 2004. Mr. Estelle is a licensed real estate agent in the State of Texas and he is a Nationally Certified Financial Educator. He is a member of a number of business and civic organizations to include the Conference for New Urbanization, The Greater Dallas Planning Council, and the Texas Organizing Project.
Allison Brim serves as a Principal and Senior Manager of Oak Cliff Community Investment Fund, LLC. Ms. Brim, a native of Charlotte, NC, earned her BA from Duke University to which she received a prestigious full-tuition scholarship. After moving to Dallas, TX in 2005, she began her professional community organizing career. In 2009 Ms. Brim co-founded the Texas Organizing Project, a nonprofit organization fighting for racial and economic justice, where she currently serves as Organizing Director. She has since worked with a team to grow the organization to a staff of 50 that has won $126 million in annual revenue for Dallas public schools, reformed the bail system in Harris County, and encouraged disengaged 1.6 million voters of color to cast their ballots. Ms. Brim partnered to found the Oak Cliff Community Investment Fund, where she brings her wealth of community and political organizing skills to realize the company’s vision of lessening the racial wealth gap by building the first of many planned mixed-use developments where families can live, work, and thrive economically through ownership of their homes and the communities themselves.
James McGee is a transformational leader with vast experience in the banking industry. Mr. McGee has held positions with major financial institutions such as Citibank, Caliber Home Loans and Bank of America, as well as with a local Community Bank where he spent four years as a Senior Compliance Officer. Throughout his career he has demonstrated a strong commitment to equitable investment in marginalized communities by serving on committees and Boards of organizations working toward this goal and leading community advocacy efforts toward this end. Mr. McGee was recently elected as President and Chair of the Southern Dallas Progress Community Development Corporation. A native Texan, James was raised in the southern sector of Dallas.
Akwete Tyehimba is the owner of the Pan-African Connection Bookstore and Resource Center, located in Dallas Texas. The Pan-African Connection Bookstore and Resource Center was started in 1989, and was the vision of her late husband Bandele. Bandele and Akwete’s vision has manifested into one of the largest independent institutions of education and culture in the country. The Pan- African Connection is a community space which holds one of the largest collections of authentic African Art, Books on the Black /African experience, African Clothing, Jewelry, Shea Butter, and holistic health care products in the South. The community institution and resource center hosts lectures, children’s activities, classes and community events and has served as a small business incubator for hundreds of local minority entrepreneurs. Among her many awards Ms. Tyehimba was named one of thirty of the most interesting people in Dallas by the Dallas Observer. She also received the Lifetime Achievement Award from the Dallas Peace and Justice Center. She and her late husband have three children, Adjwoa, Bambata and Sekou.
Daniel Parrish is a Principal of Vizual Architecture, LLC. Mr. Parrish is a skilled architectural manager with 13 years of experience in commercial, residential, educational, recreational, retail, aviation, public housing, water treatment plants, and religious projects. He received a Masters of Architecture from Hampton University in 2009. Mr. Parrish has extensive knowledge around partnering with local government entities to ensure the success of construction projects. He was raised in Oak Cliff and currently resides in southern Dallas County.
Willie Briscoe leads The Briscoe Law Firm’s Business/Securities and Personal Injury practice. For more than 17 years, Mr. Briscoe has dedicated his practice to both prosecuting and defending matters for small and emerging companies and individuals. Mr. Briscoe has extensive trial experience in both federal and state court. Over the past 13 years, Mr. Briscoe litigated a variety of complex civil matters resulting in recovery for his clients.
Mr. Briscoe also has extensive experience representing both emerging and large companies, and individuals before the Texas State Securities Board, FINRA and the United States Securities and Exchange Commission.
Jamie Bacahui is the Owner of Easy & Better Finances where she provides accounting and finance services to Small to Mid-Sized Organizations in Dallas, Texas and remotely. Ms. Bacahui built a career overseeing accounting and finance for construction and civil engineering firms for over 18 years before starting Easy & Better Finances. Her skills are extensive in the areas of cash flow management and expense tracking, account management, financial statements and reports, and forecasting and projecting.
As the founder and Managing Partner of Symone Construction Service, LLC, Stephen possesses 16 years of construction experience. He has successfully completed 200 plus projects. These projects have ranged from the development of a senior housing complex (featured in Texas Architect), the development of a resort style lake house lodge/hotel, to the construction of several single-family residences throughout the DFW metroplex. His attitude for excellence has been the foundation for the outstanding reputation Symone has built over the years, so much, the company is considered to be the premier contractor with at least three of its entities. Throughout the years Stephen has partnered with municipalities, commercial & multi-family developers, property management companies, architects, CHDOs/ noneprofits and custom home owners, which has given him a great edge over other construction/general contractors.
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Oak Cliff Community Investment Fund, LLC - P.O. Box 763757 - Dallas, TX 75376 — email@example.com — (214) 884-3126
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