Last week, Griffin Capital Company LLC announced the closing of their 11th land acquisition within a Qualified Opportunity Zone. Located in Mesa, Arizona, the 336 garden-style apartment project will be developed in a partnership with the Opus Group. The pair will help provide much needed housing to an expanding market.

Additionally, Trent Development announced they will break ground on a $105 million, multifamily development within Tacoma, Washington’s Brewery District. Located in an Opportunity Zone, this development will utilize Tacoma’s 12-year Multifamily Tax Exemption (MFTE) legislation. Out of 358 units to be developed, at least twenty percent of the units will be allocated for affordable housing.

EJF Capital and North Signal Capital LLC Secure Financing for Savannah Opportunity Zone Project

Last week, EJF Capital LLC and North Signal Capital LLC secured $31.6 million in financing from Synovus Bank for the construction of two buildings at RiverPort Commerce Park within a Savannah, Georgia Opportunity Zone.

“The buildings, RiverPort Building 2 and Building 4, collectively over 800,000 square feet, are strategically located and will place our tenants within 10 miles of the fastest growing port in the U.S.,” said EJF Co-CEO Neal Wilson. “The strength of the port, lower cost structure, regional population growth, favorable property tax rates and other economic incentives make the RiverPort project a compelling opportunity.”

Griffin Capital Closes on 11th Opportunity Zone Land Acquisition

Griffin Capital Company LLC announced the closing of its 11th land acquisition within a Qualified Opportunity Zone. Located in Mesa, Arizona, the land will be used to develop a 336-unit apartment community.

“This new community will provide much needed housing to this burgeoning market,” said Eric Kaplan, President of Griffin Capital. “Mesa is one of the fastest-growing cities in the country, with a population that exceeds other gateway cities including Atlanta, Georgia, and Miami, Florida. Our property will be located in the heart of the Main Street Corridor, which is experiencing a revitalization fueled by new commercial and civic developments.”

Multifamily Development Set to Break Ground in Tacoma, Washington Opportunity Zone

This week, Trent Development is set to break ground on Rook, a $105 million, multifamily development within Tacoma, Washington’s Brewery District. Located within an Opportunity Zone, this multifamily development is the first to utilize Tacoma’s 12-year Multifamily Tax Exemption (MFTE) legislation.

Per the legislation, the building will designate 20 percent of its units for affordable housing, in return for a tax exemption for eight to twelve years on improvements. The Rook will feature a co-working space, Top Golf Swing suite, fitness center, and entertainment lounges. Completion is targeted for summer of 2023.

Construction Complete on $31 Million Workforce Housing Development within Indianapolis Opportunity Zone

Last week, real estate development firm TWG announced the completion of The Wesmont, a $31 million affordable housing development. Located within the Eastside neighborhood of Indianapolis, this 188-unit building sits on four acres and features one- and two-bedroom apartments. The majority of units will be reserved for individuals with income less than or equal to the area’s median income. Woodforest CEI-Boulos Opportunity Fund, a partnership between Woodforest National Bank and CEI-Boulos Capital Management, invested $3 million in equity in the project.

“CEI-Boulos Capital Management is committed to harnessing the Opportunity Zone incentive to serve its intended purpose – to truly benefit and revitalize underinvested communities, like Indianapolis’s Near Eastside neighborhood,” said Sam Spencer, CEO and Managing Director, CEI-Boulos Capital Management. “We’re thrilled to be working with our partners at TWG Development on this transformative project providing affordable housing and improving the environment.”