Alpha Capital Partners, a Pittsburgh-based real estate investment and development firm, has acquired University Place in Lafayette, La. University Place is Alpha’s 10th student housing community and the second of five identified projects in Alpha’s Opportunity Zone Fund.

The fund is a targeted $250 million fund launched in October 2018 to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017.

“Our team has been working on the opportunity zone concept since summer 2018 so we are very excited to acquire projects such as University Place into the fund,” Alpha CEO Jide Famuagun said in a statement.

University Place, a 342-bed student housing community located adjacent to the University of Louisiana at Lafayette, is the closest student housing property to campus. Alpha plans to reposition and rebrand the property through a value-add strategy supported by significant capital that would not have been possible without the opportunity zone program.