Pacific Oak Capital Advisors, a sponsor of alternative investment offerings, has formed a joint venture with Defer Gain, an Arizona-based real estate development company specializing in opportunity zone investments, in order to develop, finance, and operate multifamily, commercial, and industrial properties located in Arizona opportunity zones.
The joint venture is planning three multifamily projects in the Presidential District in Downtown Phoenix, including the 241-unit St. Ambrose Apartments and the 84-unit Presidential Apartments. The joint venture also will begin construction in September 2019 on the 140-unit work-force housing project known as the Imperial Apartments.
Phoenix Mayor Kate Gallego said, “Adding quality housing is a top priority for our city. I am excited to see new housing, including much-needed workforce units, near our key job corridors in the downtown and airport area.”
Positioned at the 12th street light rail stops, both the Presidential and St. Ambrose Apartments are one stop from Downtown Phoenix and three stops to Sky Harbor Airport. Amenities at both properties include grocery delivery, cold/ freezer storage, clubhouses, multi-purpose and private conference rooms, exercise facilities, swimming pools, and cabanas.
Pacific Oak Capital Markets Group is a privately held asset management company whose focus is on sponsoring and distributing financial products including real estate offerings, a private equity fund, DSTs, and other private offerings.
Pacific Oak was formed in 2018 as a spin-off from KBS Holdings. Pacific Oak’s founders, Keith Hall and Peter McMillan, are two of the co-founders of KBS Capital Advisors and KBS Capital Markets Group. McMillan serves as chairman of KBS Strategic Opportunity REITs I & II, and Hall is CEO of KBS Strategic Opportunity REITs I & II. In addition, the pair launched Keppel-KBS U.S. REIT, a Singapore-based REIT that has been publicly traded since 2017.