The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
July 6, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Avanath Development LLC and Opportunity Assets Group LLC Create Qualified Opportunity Zone Fund


Avanath Development LLC and Opportunity Assets Group LLC (OAG) have launched a Qualified Opportunity Zone Fund with a target raise of up to $300 mil. In addition to improving low-income communities in designated Opportunity Zones, the fund is designed to defer and reduce current taxes and provide long-term tax-free investment gains for qualified investors, according to Daryl J. Carter, Chairman of Avanath Development LLC.

“This fund has been created for long-term investors looking to invest in affordable/workforce housing with a proven sponsor and designated, actionable assets,” says Carter. “It will acquire a targeted portfolio of quality affordable/workforce housing which are mostly cash-flowing properties in need of expansion and/or renovation to be managed by Avanath Development’s affiliate, Avanath Realty.”

Carter notes that the strategic partnership between Avanath Development and OAG was created to provide investors with a proven owner and operator that can mitigate long-term real estate and market risks in low-income areas as well as to navigate the tax provisions of the Opportunity Zone program.

Families with annual incomes of $30,000 to $80,000 comprise the largest rental-housing market segment in the country, and affordable and workforce housing has consistently outperformed the Class A multifamily market for the last several years with low vacancy rates and above-average rent growth, Carter points out.

Avanath Development has identified four initial properties that it believes are well positioned to benefit from substantial improvements or construction: Woodside Apartments in Ontario, California; Arbors of Cary in Cary, North Carolina; Ravenna Apartments in Orlando, Florida; and North End Landings in Detroit, Michigan.

The new fund offers investors a seven-year deferral and 15% reduction of tax on realized capital gain, whether short term or long term, and the complete elimination of new capital gains on Opportunity Zone investments held for at least 10 years.

Facts About Opportunity Zones (OZ)

• OZs are low-income census tracts nominated by governors and certified by the U.S. Department of the Treasury and designated by governors to incentivize investment in exchange for meaningful capital gains tax benefits.
• State governors designated 25% of eligible census tracts within their respective states as OZs.
• Areas that qualify as OZs have poverty rates of at least 20% or in which median household incomes are no more than 80% of the statewide or metropolitan area median family income.
• OZs are located in all 50 states and U.S. territories including Puerto Rico and Washington, D.C. The list of 8,700 OZs was finalized in May of 2018.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media