PTM Partners (PTM) has closed A $97.9 million fund targetting Opportunity Zone investments along the eastern seaboard.
PTM Partners Opportunity Zone Fund I, LP has already resulted in three development projects across multiple asset classes including multi-family residential, hospitality and retail, and a soon to-be-announced fourth project.
This is the first Opportunity Zone Fund raised by PTM, a company founded by Michael Tillman, Scott Meyer and Nicholas Pantuliano.
“This tremendously successful fundraise of nearly $100 million has enabled us to invest in development opportunities that foster positive community impact and economic growth,” said Tillman, co-founder and chief executive officer of PTM.
“In partnership with our investors, we’re fulfilling our vision of responsibly developing projects that follow the altruistic spirit of opportunity zone legislation while generating positive returns for both our partners and the surrounding community.”
PTM’s 2019 property acquisitions include:
The EDGE Collective in the EDGE District, St. Petersburg, FL. In October, PTM acquired 1.4 acres along Central Avenue in downtown St. Pete and is planning a 161-key Marriott Moxy, a 12,000 s/f food hall and restaurant, a 17,000 s/f co-working and QOZ business incubator component, and 4,500 s/f of ancillary retail space within the hotel.
Buzzard Point, Washington, D.C.: PTM partnered with Douglas Development Corporation in March to close on the adaptive reuse and conversion of former FBI/Coast Guard offices to a 452-unit multi-family development in one of the largest opportunity zone acquisitions in the D.C. metro area. The to-be LEED-certified development is targeted for completion in the second half of 2020.
Soleste Grand Central in Overtown, Miami, FL: The team partnered with Estate Investments Group in February to develop a 360-unit multifamily tower near the Virgin MiamiCentral train station in an opportunity zone in Miami’s Overtown neighborhood. The inclusionary development offers apartments targeted to the middle market.