By Thomas Phillips
Privately-held real estate investment management firm Bridge Investment Group says it has put $1.3 billion into its Opportunity Zone strategy.
Much of the capital has already been deployed to 26 assets in 17 US markets, the company said.
“Bridge continues to see tremendous opportunity in these development projects which are expected to provide meaningful impact on the areas in which capital is invested,” said Bridge Investment chairman Bob Morse in prepared remarks.
The federal Opportunity Zone program was started as part of the Tax Cuts and Jobs Act of 2017. Qualified Opportunity Zones are economically distressed communities where certain new investments can receive preferential tax treatment.
For its OZ investments, Bridge has put money into development and redevelopment projects, the company said. Read more.