Bridge Investment Group Launches Qualified Opportunity Zones Initiative
Bridge Investment Group, a privately held real estate investment management firm, is launching an initiative that targets investment in development and re-development projects in designated opportunity zones.
Bridge Investment Group, a privately held real estate investment management firm, is launching an initiative that targets investment in development and re-development projects in designated opportunity zones.
The qualified opportunity zone program was created under a provision of the Tax Cuts and Jobs Act of 2017 to encourage private capital investments in underfunded communities throughout the U.S. Bridge plans to focus on qualified opportunity zones located inside of or within close proximity to high growth markets in the United States.
“Our acquisition team has already identified over $500 million of attractive opportunities that are expected to provide meaningful impact on the districts in which capital is invested,” said Jonathan Slager, Co-CEO of Bridge Investment Group.
There is an estimated $6.1 trillion of potential unrealized capital gains eligible to invest in opportunity zones, according to the Economic Innovation Group. There are currently 8,767 designated opportunity zones located throughout the U.S.
Opportunity zone investors will be eligible to receive a deferral and partial reduction in the capital gains taxes due on reinvested gains and may benefit from an elimination of taxes on the appreciation of their opportunity zone investments subject to a 10-year hold period.
Bridge manages private equity funds, separately managed account vehicles, co-investments, and joint ventures, and currently has more than $12 billion in assets under management. The company focuses on multifamily, office, seniors housing and medical properties, affordable housing, and real estate debt strategies.
