Like many people, Nick Parrish,managing director for Cresset Partners, believed that OpportunityZones had started to gain momentum before COVID-19 hit.
"It was slow out of the gate,"Parrish says. "It was a program that was often talked about, butthe actual capital activity was pretty minimal. I think it wasbecause it was a new asset class, and there were complicated andevolving regulations."
But early in 2020, things startedpicking up with a significant amount of capital flowing into thespace. Cresset closed its first Qualified Opportunity Zone Fund inMarch and is targeting $400 to $500 million for Fund 2.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
