Like many people, Nick Parrish, managing director for Cresset Partners, believed that Opportunity Zones 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, but the actual capital activity was pretty minimal. I think it was because it was a new asset class, and there were complicated and evolving regulations."
But early in 2020, things started picking up with a significant amount of capital flowing into the space. Cresset closed its first Qualified Opportunity Zone Fund in March 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.
