PORTLAND, Ore., July 25, 2019 /PRNewswire/ -- Pacific Oak Capital LLC, a sponsor of commercial real estate-focused alternative investments programs, announced today the funding of the $33 million development of Wood Village Apartments, a multifamily and retail development located in an opportunity zone in the Portland suburb of Wood Village, Oregon.
Wood Village Apartments is a 172-home, mixed-use multifamily project that includes more than 10,000-square-foot neighborhood retail center comprised of two buildings. The apartment homes will span seven separate three- and four-story buildings and include studio, one-, two-and three-bedroom models between 361 square feet and 1,325 square feet. The development will include a community clubhouse and pool.
"Wood Village currently enjoys the lowest vacancy rates in the Greater Portland region as well as the lowest rate of new multifamily construction in the sub-market since 2010," said Keith Hall, co-founder of Pacific Oak. "This is an attractive combination that we believe will make Wood Village Apartments a great success."
Construction on the development is scheduled to begin later this year, with project completion expected during the summer of 2021.
The Wood Village Apartments development is located within an approved opportunity zone. Opportunity zones were created as part of the Tax Cuts and Jobs Act of 2017 and offer investors potentially significant tax benefits that include deferral of current capital gains, tax deductions on current gains and no capital gains on appreciation if the investment is held for 10 years.
The Pacific Oak companies facilitate the acquisition, disposition and management of commercial real estate and commercial real estate related investment products, as well as the distribution of financial products designed to provide individual investors with the benefits that can accrue from the ownership of commercial real estate. Investment offerings include tax-advantaged Delaware statutory trusts (DSTs) and qualified opportunity zone funds (QOZFs), as well as other value-add alternative investment products.
About Pacific Oak Companies Pacific Oak Companies is comprised of Pacific Oak Capital Advisors LLC, Pacific Oak Capital Markets Group LLC, and Pacific Oak Holdings LLC. Collectively, Pacific Oak will create, advise and distribute commercial real estate investment opportunities to individual investors via the independent broker-dealer and registered investment advisor channels. Pacific Oak was founded by Keith Hall and Peter McMillan III, two of the co-founders of KBS Capital Advisors LLC. Over the course of their careers, they have collectively participated in the acquisition and disposition of more than $175 Billion in transactions. For more information regarding Pacific Oak Companies, please visit www.pac-oak.com.