“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ I AM YOUR LAND / COMMERCIAL AND INVESTMENT REAL ESTATE SPECIALIST / LOOKING FOR OWNERS & BUYERS. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net.
After a new round on Treasury guidelines on Opportunity Zones, developers seem to be more confident in the program.
Bendix Anderson | Feb 18, 2020
In April 2020, workers will start construction on Scottsdale Entrada in Scottsdale, Ariz. The massive development will eventually become the “largest mixed-use asset” in the city, including 735 new apartments, according to its developers.
Scottsdale Entrada is just one of the investments now underway that will claim tax benefits through the federal Opportunity Zone program. Developer Banyan Residential paid Sunchase Holdings $38 million from an approved Opportunity Zone fund for the 30-acre site, located on a former auto mall in an Opportunity Zone, according to data firm Yardi Matrix.
After many months of delays and missed opportunities, developments like Scottsdale Entrada are now underway across the country. “We anticipate new ‘Opportunity Zone’ projects will begin to break ground more frequently,” says Doug Ressler, director of business intelligence with Yardi Matrix.
Developers have been slow to take advantage of the new program. In 2019, many hesitated to put their capital through qualifying Opportunity Zone funds to buy and develop properties because federal officials had still not made the rules of the program totally clear. Recent guidance has helped to resolve their questions.
In January, the U.S. Treasury released final guidance on the Opportunity Zone tax incentives.
“In the rollout, there was not a lot of clarity,” says Jonathan Squires, New York City-based director with real estate services firm Cushman & Wakefield. “The U.S. Treasury keeps issuing guidelines and they are becoming clearer and clearer. Now people know they can utilize the tax benefits and not get stuck having a failed fund.”
Slow start for Opportunity Zones
Marlene Cintron, head of economic development for Bronx, N.Y., recently complained that very few deals have actually started construction in the Bronx’ Opportunity Zones—just two, according to a recent count by City Limits Magazine.
Multifamily investors put $19.8 billion into Opportunity Zones in 2019, up 10.9 percent from 2018, according to data from real estate services firm CBRE. “The apartment sector accounted for nearly one-third of all deal activity in OZs last year,” says George Entis, senior research analyst in the Glendale, Calif. office of CBRE Capital Markets.
However, many more projects are now putting those investment dollars to work. “We saw [a] push towards the end of the year last year. Opportunity funds are becoming more popular due to the fact that there is clarity in the guidance,” says Squires. “Of the properties that we are marketing in the Opportunity Zones, 10 percent to 20 percent of those deals are now bought by Opportunity Zone funds.”
The same trend seems to be occurring across the market. For example, in February, Normandy Real Estate Partners announced two multifamily real estate transactions closed via its Normandy Opportunity Zone Fund. Construction has already started on The Ashton, a 93-unit multifamily building in the Bergen-Lafayette section of Jersey City, and a second new building with 82 apartments in downtown Hackensack.
As more Opportunity Zone projects begin to take shape, it’s important for investors to engage their tax council “early and often,” according to Entis. “There are a lot of details that are important for qualifying for tax benefits.”
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial en.wikipedia.org/wiki/CCIM I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS, PLEASE CALL ME – cell: 520-975-5207 or email me walterunger@ccim.net
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
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I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, , cell: 520-975-5207 or email me walterunger@ccim.net.
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
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Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
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Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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