Bridge Investment Group Launches Qualified Opportunity Zones Initiative
NEW YORK--(BUSINESS WIRE)-- Bridge Investment Group (“Bridge”) is pleased to announce an initiative that targets investment in development and re-development projects in often-underserved designated Opportunity Zones, to provide attractive real estate exposure and the associated tax benefits.
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. The market opportunity is sizeable; there is an estimated $6.1 trillion of potential unrealized capital gains eligible to invest in Opportunity Zones, according to the Economic Innovation Group, and over 8,700 designated Opportunity Zones. Investors in Qualified Opportunity Zone Funds will be eligible to receive a deferral and partial reduction in the capital gains taxes due on such 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 is targeting development and redevelopment projects to invest in alongside high-quality development partners in qualified Opportunity Zones throughout the country. “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.
Over the last decade, Bridge has invested more than $12 billion of equity across its Multifamily, Office and Seniors Living verticals. Given that all Opportunity Zones are not created equal, Bridge is leveraging its national footprint and local market knowledge to focus on Qualified Opportunity Zones at an inflection point or located inside of or within close proximity to high growth markets in the United States.
“Due to our significant real estate investment experience and ‘boots on the ground’ operating platforms, Bridge is uniquely positioned to identify attractive opportunities to deploy capital and take advantage of this attractive investment opportunity,” said Bob Morse, Chairman of Bridge Investment Group.
About Bridge Investment Group
Bridge is a privately held real estate investment management firm with more than $12 billion in assets under management. Bridge combines its more than 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily; Office; Seniors Housing and Medical Properties, Affordable Housing and Real Estate Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.
Bridge’s asset management strategy is specialized and focused in a way that emphasizes current income and capital appreciation while mitigating risk. By making improvements that build lasting communities, increase renter satisfaction, and ultimately bring value to investors, Bridge seeks to create alpha at the asset level.
The principals of Bridge have been investing in and improving communities around the US since 1991 and manage private equity funds, separately managed account vehicles, co-investments, and joint ventures. Bridge seeks to transform assets in a manner that maximizes their potential.
Bridge Investment Group
Vice Chairman & Head of Capital Markets
Office: (650) 759-1360
Source: Bridge Investment Group
Released October 17, 2018