Opportunity Zones

Lendlease Development purchased the nearly 4 acre land site, which currently houses a self-storage facility.

The new structure combines opportunity zone investment with the exclusion from capital gains for the sale of qualified small business stock.

The firm is surveying other opportunity zone projects, but is focused on quality projects that pencil without the tax benefit.

The program should flourish under both a Biden or Trump Administration.

JLL Capital Markets arranges the $48-million sale and the $24-million acquisition financing.

One observer thinks there is a chance the program could be rolled into a massive stimulus package.

The company plans to renovate the portfolio's four properties, which are located in a qualified Opportunity Zone.

The company will mostly buy, or create, multifamily assets in Opportunity Zones, reportedly becoming the first such organization to do so.