Real Estate investment management firm Pinnacle Partners announced this week the closure of its twelfth Qualified Opportunity Zone Fund (QOF), securing $90 million in investments. The Fund invested in four residential development projects: two market-rate multifamily communities within NFL stadium districts in Denver and Nashville, TN; one build-to-rent single-family home community in Avondale, AZ; and one build-to-rent townhome community in Charlotte, NC.
Created with the Tax Cuts and Jobs Act of 2017, Opportunity Zone tax incentives spur economic growth and job creation in communities while providing investors with a series of tax incentives. Investors with capital gains from any source may reinvest their proceeds into a QOF, defer their tax liability until the end of 2026, enjoy tax-efficient cash flow by using depreciation (without recapture), and earn the greatest benefit of tax-free appreciation if the new investment is held for at least ten years.
“Though our twelfth fund, this represents an entirely new chapter for Pinnacle Partners in this being our first multi-asset fund,” said Pinnacle Partners Co-Founder and Managing Partner Leo Backer. “We work on behalf of our investors to identify what we believe to be institutional-quality projects, sourced through exclusive relationships, that offer portfolio diversification in addition to substantial tax advantages.”
In Denver, Pinnacle and JV partner Mortensen expects to complete the Revival on Platte, a 20 …
See the full article on Arizona residential development, or, read more Arizona real estate investing news. Feel free to share our site with your investor friends.
