Canton Lofts is located in the Pioneer Square district of Seattle; the project totals 35,000 square feet and provides 80 studio apartment units for unsheltered residents.
The property was acquired through King County’s Health Through Housing Initiative, a program which pledges to provide up to 1,600 emergency housing and permanent supportive housing units for residents who are experiencing chronic homelessness. Through the program, the county has already purchased over 800 units throughout Seattle and its surrounding suburbs.
Canton Lofts was the first Opportunity Zone project in Seattle, but it is only one of several Opportunity Zone projects sponsored by Pinnacle Partners.
Pinnacle recently announced a new, highly curated multifamily Opportunity Zone fund which is targeting several emerging markets. The new fund’s launch was recently detailed in a webinar hosted by OpportunityDb; interested investors can visit PinnacleOZ.com to learn more.