Opportunity Zones have become a major talking point in the commercial real estate industry ever since Congress passed the 2017 Tax Cuts and Jobs Act.
Created to encourage long-term investment and growth in low-income, distressed American communities, Opportunity Zones offer tax breaks on capital gains to investors and developers who make improvements to an asset.
High demand for Opportunity Zone investment has impelled sophisticated funds to take advantage of this trend early on, but as more look toward Opportunity Zone investment, the competition to source the next high-return investment will only increase.
Despite this negative population growth, the 36,000 multifamily Opportunity Zone properties present an opportunity for developers to create more affordable housing options for those in Cook County.
Multifamily assets account for approximately 37 percent of all Champaign County Opportunity Zone properties and 346 multifamily sales transacted in 2018, totaling over $556 million.
Similarly, Sangamon County only has five Opportunity Zone tracts, but nonetheless has investment potential, with over 5,700 commercial assets located within Qualified Opportunity Zones.
Data shows ample multifamily opportunities in Illinois’ Opportunity Zones.
As investors in Illinois seek to move capital into Opportunity Zone investments, leveraging the correct tech tools will only become increasingly important to meet demand and stay ahead of the curve.
Originally Published on January 8, 2019 at 11:35PM
Article published originally via “opportunity zone” – Google News https://www.rejournals.com/unlocking-opportunity-zone-deals-in-illinois-20190108