Parsonex Properties has broken ground on its 22-unit townhouse project in an opportunity zone in Grand Junction, Colo.
This is the first opportunity zone investment for the company, but it has invested in other housing projects outside of the zones.
For this project the firm invested $2 million.
The groundbreaking was held on Saturday, Feb 22.
The property, Sundance Homes, consists of townhomes with three-bedroom units and attached garages.
The firm’s $50 million qualified opportunity fund is primarily targeting shovel-ready projects in Colorado.
Shane Phillips, president of Parsonex Properties, told local paper The Business Times Newspaper he expects eight to 12 properties, all in opportunity zones, will be developed over the next three years. The developments will include multifamily residential, light industrial and mixed-use properties.
Parsonex Capital Partners, an affiliate of Parsonex Properties, is a priv
