Sound West Realty Capital Promotes Two Executives and Expands Team
Sound West Realty Capital, an investment firm primarily focused on the sponsorship of qualified opportunity zone funds, has promoted two executives, hired two new team members, and opened its sales and capital markets division in Santa Barbara, California.
Sound West Realty Capital, an investment firm primarily focused on the sponsorship of qualified opportunity zone funds, has promoted two executives, hired two new team members, and opened its sales and capital markets division in Santa Barbara, California.
The company has promoted Vic Belfiore from vice president of operations to chief operations officer, and Kim Hansen was promoted from accounting manager to director of corporate accounting.
In addition, Dylan Taylor was hired as Sound West’s inside sales, marketing and research associate, and Selene Downs joined the team to handle executive administration, marketing and client relations.
“Vic has proved to be an invaluable member of the team, and in his new role, he will guide operations as well as strategize and manage our fund administration division,” said Greg Genovese, principal and president of Sound West Realty Capital.
He added, “Kim has been vital in her role to launch our accounting processes and her skills have been superior in the fund and company accounting management. Dylan and Selene are joining during a time of rapid growth, as we try to keep up with investor demand, and we couldn’t be more pleased to welcome them to Sound West Realty Capital.”
Taylor attended San Diego State University and earned a Bachelor of Science degree in financial services, and shortly thereafter, gained experience in multiple finance related sectors including private wealth management and banking – ultimately finding his passion in real estate investments and proprietary trading.
He obtained his real estate license in 2017 and served as an office and industrial broker at Westcord Commercial, concentrating on leasing and sales opportunities within Los Angeles and Ventura counties. Additionally, he served as a civilian contractor for the Department of Defense at Naval Base Ventura County supporting the functions of the morale, welfare and recreation department.
Downs spent 10 years working in administration and customer service with her most recent job at Sacramento County Health Services working on a program focused on helping children in underserved communities receive dental and medical services. She also spent five years working as a Spanish instructor for children in Sacramento, and studied education at American River College.
In other company news, construction of Sound West’s Marina Square opportunity zone project, a mixed-use waterfront development in the Seattle suburb of Bremerton, Washington, is slated to be completed in August 2021. The development will include multifamily and hospitality properties, as well as paid parking.
A qualified opportunity zone fund is an investment vehicle created by the Tax Cuts and Jobs Act of 2017 that allow investors to invest gains from prior investment programs into designated state opportunity zones. These investments provide potentially significant tax benefits to investors and were designed to stimulate economic development and job creation.
The tax benefits include a temporary deferral of taxes arising from gains invested in an opportunity zone, an increase in basis that reduces the amount of taxes ultimately owed in respect of the deferred gains, and a potentially permanent exclusion from taxable income of gains arising from the new investment in the qualified opportunity zone fund.
Sound West Realty Capital’s investing platform includes opportunity zone funds, as well as a family of alternative real estate investment programs that include 1031 exchange Delaware statutory trusts.
