Trilogy Investment Company, a leading national developer and provider of build-to-rent housing communities located in Alpharetta, and Pinnacle Partners, an early mover and leader in Opportunity Zone (OZ) real estate investing, have announced a new approx. $250M national joint venture beginning in Avondale, AZ. The new partnership, which was finalized in December 2022, will initially bring more than 105 new, build-to-rent homes to a Qualified Opportunity Zone in the Greater Phoenix area.
The new Avondale development will be situated on a 15-acre site, 25 minutes from downtown Phoenix and Phoenix Sky Harbor International Airport and close to schools, retail amenities, restaurants, and entertainment facilities such as Westgate City Center and State Farm Stadium.
The joint venture represents the first combined effort between Trilogy and Pinnacle. Total cost for the project is expected to be approximately $45 million; construction is expected to begin in late Q3 2023.
The joint venture is a significant development in the thriving Opportunity Zone (OZ) investment sector, in that it represents one of the largest and most prominent single-family developments in an OZ (which have tended toward traditional multi-family podium and high rise projects).
“One of the most important things about this joint venture is alignment of culture and values, collective rigorous review and selection of targeted projects, along with providing long-term, programmatic investment capital into Opportunity Zones across the Sun Belt Region and select Mountain West States),” said Leo Backer, Managing Partner at Pinnacle Partners. “On one hand, it will do what Opportunity Zones were designed to do: encourage solid investment in a designated area in need of development, and we’re excited to be a part of bringing that to Avondale. But it also signals our two firms coming together to do similar types of development in the future.”
It also represents a continued shift…
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