--- title: "Park View OZ REIT Review 2026: One Tampa Property, the Cost of Raising Capital and What PVOZ's Trading Shows" url: https://altstreet.investments/platforms/reviews/parkview-oz kind: platform-review updated: 2026-10-28 description: "Park View OZ REIT (PVOZ) review 2026: what the opportunity zone fund owns, how much of the money raised went to offering costs, the $100 price against book value, and how thinly the shares trade." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Park View OZ REIT Review 2026: One Tampa Property, the Cost of Raising Capital and What PVOZ's Trading Shows Park View OZ REIT is a Regulation A opportunity zone fund that sells shares at $100 and has them quoted over the counter as PVOZ. Five years in, it owns two townhouses in Tampa and has raised $4.07 million, of which $1.52 million has gone to offering costs. The third-party trading dataset AltStreet retrieved records only 977 shares of volume since September 2023. The opportunity zone tax treatment depends on the fund keeping its status and on when an investor buys, and it changes for investments made from January 1, 2027. AltStreet score: 31.5 (D), scored October 28, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Park View OZ REIT | | What it is | Qualified Opportunity Fund (Regulation A Tier 2, OTC-quoted shares) | | Asset class | Common stock of a qualified opportunity fund that intends to elect REIT status; one residential investment in Tampa Heights, Florida | | Website | parkviewoz.com | | Review first published | October 28, 2026 | | Last updated | October 28, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Park View OZ REIT, Inc. is a Maryland corporation formed in 2020 by Michael Kelley and Elizabeth Kelley to invest capital gains in opportunity zone real estate. It sells common stock under Regulation A at $100 a share, a price its circular says was 'arbitrarily determined by our Manager', and its shares are quoted over the counter as PVOZ, which the site presents as the only opportunity zone fund with 'freely tradable shares of stock'. The filed record is small and specific. The fund owns one investment, two of four townhouses at 2209 North Boulevard in Tampa Heights, bought for $1,920,000 in cash in 2023 and rented for $10,425 a month together. It has raised $4,066,946 from investors since 2021, and it has paid $1,518,749 in offering costs over the same period, 37% of everything raised and 81% of what it raised after its first year; in 2025 it paid more in offering costs ($421,580) than it raised ($350,000). Its book equity at June 30, 2026 was $55.89 a share against the $100 offering price. The tradability that leads the pitch is thin: the third-party FINRA dataset AltStreet retrieved records 977 shares of over-the-counter volume since September 2023, against 41,470 outstanding. That matters because, since an August 2026 amendment, the manager's 0.75% fee is set from the share price in a quarter's last ten trading days, and the circular itself warns that small trades could have 'a disproportionate effect' on that fee and 'create a potential for manipulation'. The tax treatment also depends on timing: gain invested through December 31, 2026 is generally recognized for 2026, while investments from January 1, 2027 fall under a new five-year deferral framework. None of this is a finding of wrongdoing; it is what a buyer is paying for and what the exit looks like today. - **37%** Offering costs paid as a share of the $4,066,946 raised from investors since 2021 ($1,518,749). After the first year, $1,320,026 of offering costs against $1,638,646 raised; in 2025, $421,580 against $350,000. - **$55.89** Book equity per share at June 30, 2026 (unaudited), against the $100 offering price, which the circular says the Manager set 'arbitrarily'. - **977 shares** Over-the-counter share volume since September 2023 in the third-party FINRA dataset AltStreet retrieved (16 weeks with any trading), against 41,470 shares outstanding. Not a verified, exhaustive trade history. Data note: Capital raised and offering costs from the cash flow statements of each Form 1-K (audited) and the June 30, 2026 Form 1-SA (unaudited). Trading data is third-party (FINRA OTC transparency via Equibles; S&P Global via StockAnalysis), fetched October 28, 2026. Shares and per-share figures are AltStreet's arithmetic. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 37% | Since its first year, about 81 cents of every dollar the fund raised has gone back out as the cost of raising it, so very little new money has reached property. | Offering costs paid as a share of the $4,066,946 raised from investors since 2021; 81% after the first year, and more than the raise in 2025. From each year's audited cash flow statement and the June 30, 2026 semiannual report; AltStreet's arithmetic. | | 977 shares | Reported over-the-counter volume in PVOZ across three years of quotes, against 41,470 shares outstanding. | FINRA OTC transparency data as shown by Equibles, fetched October 28, 2026; third-party. | | $55.89 | Book equity per share at June 30, 2026, against the $100 offering price set by the Manager. | Unaudited semiannual figures; book value is at cost less depreciation, not an appraisal. | ## Verdict Park View OZ REIT is set up the way an opportunity zone fund needs to be: it is a self-certified qualified opportunity fund, reports to the SEC, is audited annually and takes no debt. Whether a given investor gets the tax benefits depends on the fund keeping its status and on the investment date, which AltStreet has not verified. As an investment it is small and slow. After five years it owns two Tampa townhouses, pays no dividends, and has spent most of the money raised since its first year on the cost of raising money. New investors pay $100 a share, a price the Manager sets, against reported book equity of $55.89 per share at June 30, 2026. The feature that leads the pitch, tradable shares, exists on paper but barely in practice: the third-party dataset records 977 shares of volume since September 2023, and the Manager's fee is now pegged to that quote, a structure the circular itself says creates a potential for manipulation. A capital-gains investor who wants this structure should confirm with a tax adviser which rules apply to their investment date, buy with a ten-year horizon, check the OTC quote first, and ask for an appraisal, the next investment and the offering-cost budget before subscribing. **Best for** - Investors with a capital gain who value a low minimum and SEC reporting, accept a single-property fund for now, and will hold at least ten years. **Look elsewhere if** - You may need to sell within ten years. - You want income or a diversified portfolio. - The company will not provide an appraisal and its offering-cost budget. **Strengths** - Audited annual statements and semiannual SEC reporting since 2021. - No debt on the property; no selling commissions; no management fee paid to date. - A $10,000 minimum, low for an opportunity zone fund. - No regulatory action located in the sources searched. **Limitations** - One investment, two residential units, after five years. - Offering costs equal to 37% of all capital raised, and 81% after the first year. - Offering price of $100 against reported book equity of $55.89 per share. - Thin OTC trading, and a management fee set from it. - No independent director. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Investors with a capital gain who want a small, SEC-reporting opportunity zone fund and will hold ten years | neutral | | | Investors who want to sell before ten years | poor-fit | | | Investors seeking income | poor-fit | | ## Questions **Is Park View OZ REIT legit?** It is a real fund that files with the SEC: its Regulation A offerings were qualified in 2021, 2022, 2023, 2024, 2025 and 2026, its annual statements are audited, and AltStreet located no regulatory action against it in the sources searched. As an investment it is small: one Tampa property, no dividends, and offering costs equal to 37% of all capital raised. **Can you sell PVOZ shares?** The shares are quoted on OTC Markets' Pink tier as PVOZ, so a holder can place a sell order through a broker. The third-party FINRA dataset AltStreet retrieved records 977 shares of volume since September 2023, and the circular warns that orders can cause large price swings, so a sale may take time or happen at a poor price. Selling before ten years also gives up the ten-year basis election. **What changes for opportunity zone investments after 2026?** Under the IRS rules, gain invested in a qualified opportunity fund through December 31, 2026 is generally included in income for 2026 and cannot be deferred again. Investments from January 1, 2027 can defer the gain for up to five years, with a 10% basis increase after five years, and keep a separate ten-year election to exclude appreciation. Both depend on the fund keeping its qualified status; confirm with a tax adviser. **What does Park View OZ REIT own?** Two of the four townhouses at 2209 North Boulevard in Tampa Heights, Florida, bought for $1,920,000 in cash in 2023 and rented for $10,425 a month together, per its June 30, 2026 report. **What are Park View OZ REIT's fees?** A 0.75% annual asset management fee on market capitalization (not charged yet), a 1.5% acquisition fee, a 1.5% construction oversight fee, and reimbursement to the Manager of offering costs and an allocable share of salaries and overhead. There are no selling commissions. Offering costs paid since 2021 total $1,518,749. **Why is the share price $100?** The offering circular says the $100 price 'was arbitrarily determined by our Manager' and may be adjusted on subjective estimates. Book equity was $55.89 a share at June 30, 2026, and the last over-the-counter close AltStreet located was $150.00 on March 31, 2026, on 305 shares. ## Evidence appendix Platform website captured October 28, 2026. Every EDGAR filing of the issuer (55 filings, 276 documents); 123 site pages; third-party OTC price and volume data; CourtListener, SEC action and adviser searches. **Highlights** - Offering circular cover: 'The price per share shown was arbitrarily determined by our Manager.' - Offering circular: 'liquidity is limited and orders have the potential to create large price swings'. - Offering circular: the directors are 'a married couple, neither of whom is deemed independent'. - Form 1-K 2025: $290,000 of offering-cost reimbursements and $83,000 of salaries, benefits and overhead to the Manager and Sponsor. **Primary source pages** - Offering circular (Form 253G2), September 28, 2026: cover, Offering Summary, Management Compensation, Principal Stockholders, Properties. - Form 1-K for 2021 to 2025 (Novogradac & Company LLP) and Form 1-SA for June 30, 2026: statements of cash flows, operations and equity; Item 5 related-party costs. - Form 1-U reports of 2022 to 2026: late-filing notices, the PVOZ symbol and repurchase plan termination, the Tampa acquisition, shareholder letters. - SEC staff correspondence, 2020 and 2024. - parkviewoz.com home page, /about-us/, /how-to-invest/, /qof-faqs/ (captured October 28, 2026). ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/parkview-oz - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/real-estate --- Source page: https://altstreet.investments/platforms/reviews/parkview-oz Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.