PTM Partners Closes First Qualified Opportunity Zone Fund
PTM Partners, a real estate investment and development firm focused on qualified opportunity zones, has closed its first qualified opportunity zone fund, PTM Partners Opportunity Zone Fund I LP.
PTM Partners, a real estate investment and development firm focused on qualified opportunity zones, has closed its first qualified opportunity zone fund, PTM Partners Opportunity Zone Fund I LP, after raising $97.9 million for acquisitions throughout the East Coast.
PTM’s fundraising resulted in three development projects across multiple asset classes including multifamily residential, hospitality and retail, and a soon to-be-announced fourth project.
“This tremendously successful fundraise of nearly $100 million has enabled us to invest in development opportunities that foster positive community impact and economic growth,” said Tillman, co-founder and chief executive officer of PTM. “In partnership with our investors, we’re fulfilling our vision of responsibly developing projects that follow the altruistic spirit of opportunity zone legislation while generating positive returns for both our partners and the surrounding community.”
The property acquisitions include:
The EDGE Collective in St. Petersburg, Florida: PTM purchased 1.4 acres along Central Avenue in the EDGE District of downtown St. Petersburg and is planning a 161-key Marriott Moxy, a 12,000-square-foot food hall and restaurant, a 17,000-square-foot co-working and QOZ business incubator component, and 4,500 square feet of ancillary retail space within the hotel.
Buzzard Point in Washington, D.C.: PTM partnered with Douglas Development Corporation to close on the reuse and conversion of former FBI/Coast Guard offices to a 452-unit multifamily development. The company said that it was one of the largest opportunity zone acquisitions in the D.C. metro area, and that the to-be LEED-certified development is targeted for completion in the second half of 2020.
Soleste Grand Central in Miami, Florida: The team partnered with Estate Investments Group to develop a 360-unit multifamily tower near the Virgin MiamiCentral train station in an opportunity zone in Miami’s Overtown neighborhood. The development offers apartments targeted to the middle market.
PTM Partners was founded by Michael Tillman, Scott Meyer and Nicholas Pantuliano.
