PTM Partners, a real estate investment and development firm, has closed its second qualified opportunity zone fund, the PTM Partners Opportunity Zone Fund II LP, after raising approximately $150 million of capital for development projects across the United States. The fund launched in 2020 and closed on December 31, 2021.
The firm invested in developing projects including:
Edgewater Miami Investment: A mixed-use campus-like development in Edgewater, Miami that will consist of two high-rise towers with more than 850 rental units and retail space.
Northern Virginia Investment: A 318-unit multi-family development on the Occoquan River in Woodbridge, Virginia.
“Each of PTM’s six existing projects and its $2 billion development pipeline all demonstrate its commitment to inclusionary development focused on ESG-based principles,” the company said in a statement. “From affordable and workforce housing units, LEED certified buildings, subsidized retail spaces for local entrepreneurs and others displaced by the pandemic; along with the creation of local jobs in construction and real estate, the development of new public spaces for community enrichment and incubation of start-up businesses within projects, PTM believes and demonstrates that there is no ‘one size fits all’ answer for creating social impact.”
PTM’s first fund closed in 2019 after raising approximately $100 million of capital. The firm’s current portfolio includes Soleste Grand Central, a 360-unit rental development in Downtown Miami; Watermark, a 453-home mixed-use rental community located in the Buzzard Point neighborhood of Washington D.C.; The EDGE Collective in downtown Saint Petersburg, Florida, a 1.5 acre mixed-use development anchored by a 163-key Marriott Moxy; and 2000 Biscayne Boulevard, a 420-unit, multifamily development in Edgewater, Miami.
Created under a bipartisan coalition as part of the 2017 Tax Cuts and Job Acts, the opportunity zone program offers potentially significant tax incentives to those who invest in under-served communities that have not historically been destinations for private capital investment.
PTM Partners is a real estate investment and development firm focused on qualified opportunity zones.