Pinnacle Partners has closed its latest qualified opportunity zone fund, Pinnacle Partners Opportunity Zone Fund VIII, at $90 million. The fund had a target of $200 million, according to filings with the SEC.
Pinnacle Partners Opportunity Zone Fund VIII has invested in four U.S. residential development projects. They include two market-rate multifamily communities within NFL stadium districts in Denver and Nashville, Tenn.; one build-to-rent single-family home community in Avondale, Ariz.; and one build-to-rent townhome community in Charlotte, N.C.
The fund’s portfolio is characterized by a curated portfolio of multifamily projects in high barrier-to-entry markets that are in the pathway of population growth, where current rents can support new construction development. According to Pinnacle Partners’ website, these projects benefit from proximity to downtown business districts, public transportation, major employers, universities and entertainment districts.