A rendering of Train Denver, a transit-oriented development that is poised to accelerate the growth of RiNo. This is one of the projects fueled by Halpern Real Estate Ventures' $50 million platform. Credit: Halpern Real Estate Ventures.
NEW YORK CITY- Halpern Real Estate Ventures, a real estate investment platform focused on value creation in urban centers, has closed a $50 million commingled Opportunity Zone fund in partnership with capital from general partners.
The inaugural fund was on the road for nine months to hit its target goal. Having reached its $50 million platform threshold, the fund will support more than $1 billion in new development to capitalize on the tax benefits offered through the Opportunity Zone program.
HREV's investor base includes 25 family offices and a large institutional investor on its commingled platform. HREV will serve as a general partner in up to five development initiatives in key urban markets, including recently acquired projects in Denver, Jersey City and Philadelphia.
The new fund will build upon HREV's long-term strategy of functioning as a hands-on general partner in the development and operation of multifamily and mixed-use properties in developing urban markets.
"Following the [Opportunity Zone program] launch of the program, however, there were perceived difficulties not just in raising capital, but in identifying specific projects that can take full advantage of the program's unique financial incentives," said Jon Halpern, managing partner and CEO of Halpern Real Estate Ventures, in a prepared statement. "We're particularly proud to be able to move forward with impactful, entitled development initiatives through our Platform, the majority of which will be fully capitalized and shovel-ready in 2020."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
