Tocqueville and CapZone Invest in Veteran Housing Opportunity Zone Project
Tocqueville Asset Management L.P. and CapZone Impact Investments LLC have made an equity investment in The Veterans Victory.
Tocqueville Asset Management L.P. and CapZone Impact Investments LLC have made an equity investment in The Veterans Victory, a multifamily housing project located in a Colorado Springs opportunity zone. Financial terms were not disclosed.
The development will construct housing for veterans and disabled veterans, “an underserved community that has traditionally faced obstacles in obtaining appropriate housing,” the companies said.
The mixed-use property will consist of 240 market-rate multifamily units, as well as 20,000 square feet of small business office space for prospective tenants that provide business and technology services and entrepreneurship training to veterans, in addition to onsite healthcare such as physical therapy.
“We are excited about the Veterans Victory project and proud to be part of this important contribution to the veteran’s community. We also see a great opportunity to work with CapZone to build additional projects to help veterans across the country to lead happy and productive lives. These projects illustrate the wisdom and the promise of the bipartisan opportunity zone legislation.” said Robert Kleinschmidt, chief executive officer of Tocqueville.
The Tax Cuts and Jobs Act, enacted in December 2017, created the opportunity zone program to spur investments in underserved communities nationwide by offering potentially significant tax benefits, such as capital gains reductions or exclusions.
Tocqueville Asset Management L.P. was founded in 1985 and manages $9 billion in client assets, as of March 31, 2022.
CapZone Impact Investments is an opportunity zone investment platform that develops opportunity zone projects and other environmental, social and governance (ESG) investments.
