Bridge Investment Group, a privately-held real estate investment management firm with $15+ billion in assets under management, has deployed $509 million in its opportunity zone strategy to target underserved areas across the country.
“Bridge has targeted development and re-development projects to invest in alongside high-quality development partners in qualified opportunity zones throughout the country,” said David Coelho, chief investment officer for the Bridge opportunity zone strategy. “Our team has deployed capital in 12 assets in eight markets across the U.S., and we are focused on transit-oriented developments and creating work/live/play communities in areas with an influx of job growth and urbanization.”
The firm focuses on opportunity zones located inside of or within close proximity to high-growth markets across the U.S., including Salt Lake City, Utah; Queens, New York; New Carrollton, Maryland; Hayward, California; Atlanta, Georgia; Portland, Oregon; Los Angeles, California; and Sacramento, California.
Throughout the last decade, Bridge claims to have invested more than $15 billion of equity across its multifamily, office and seniors living verticals.
The qualified opportunity zone program was created under the Tax Cuts and Jobs Act of 2017 to encourage private capital investments in underfunded communities throughout the U.S. There are more than 8,700 designated opportunity zones in the U.S. and its territories.
Investors in qualified opportunity zone funds will be eligible to receive a deferral and partial reduction in the capital gains taxes due on reinvested gains and may eliminate capital gains taxes on the appreciation of their opportunity zone investments, subject to a 10-year hold period.
Bridge Investment Group manages private equity funds, separately managed account vehicles, co-investments, and joint ventures, and focuses on multifamily, office, seniors housing and medical properties, affordable housing, and real estate debt strategies.