Madison Capital Launches $36.2M Opportunity Zone Fund to Redevelop Former Reno Harrah’s
Madison Capital Group has launched Madison Reno Hotel QOF, LLC, a qualified opportunity fund seeking $36.2 million to redevelop a landmark hospitality asset located in downtown Reno.
The fund is seeking approximately $36.2 million in capital commitments from accredited investors to fund the repositioning of the original, landmark Harrah’s Resort and Casino property into a premium Class A hospitality destination featuring approximately 292 guest rooms and full-service amenities. The property sits within Reno Revival, a 1.3 million-square-foot mixed-use redevelopment that also includes multifamily, retail, office, and entertainment components.
“We believe the Reno market presents a compelling combination of favorable demographic trends, tourism demand, business migration and long-term redevelopment potential,” said Ryan Hanks, chief executive officer of Madison Capital Group Holdings. “We are pleased to offer investors an opportunity to participate in a tax-advantaged structure tied to a transformative hospitality asset.”
The fund is structured to provide investors with the tax benefits associated with qualified opportunity zone investing, including deferral of eligible capital gains and the potential elimination of taxes on future appreciation for investments held at least 10 years, subject to individual circumstances. It has a minimum investment of $50,000 and is being offered exclusively to accredited investors under Regulation D, Rule 506(c), which permits general solicitation but requires verification of investor accreditation.
According to Madison, Reno drew approximately 3.8 million visitors in 2025, generating an estimated $5.2 billion in economic impact. The city’s population grew 7.2% over the past five years, outpacing state and national averages, a trend the company attributed in part to expansion in the technology, logistics, and data center sectors and continued migration from higher-cost West Coast markets.
In addition to the opportunity zone vehicle, Madison has launched several single-asset and sector-specific funds in recent years, including a pair of bonus depreciation funds focused on car washes and convenience stores that together raised more than $100 million, and a $14 million Delaware statutory trust offering backed by a multifamily property in Arden, N.C.
Madison Capital Group has approximately $4 billion in assets under management and has completed more than $6 billion in real estate transactions across multifamily, self-storage, recreational storage, marina, and commercial real estate assets nationwide.
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