PHILADELPHIA – The Carlton Group has closed on a $153 million joint-venture equity investment for a 346-unit, class A, multifamily development in downtown Philadelphia within an Opportunity Zone.
The joint-venture equity was sourced from an international family office, on behalf of the Carlton Group's client, a Salt Lake City-based multifamily owner-operator.
Executing the transaction on behalf of the firm, was the Carlton Group's CEO Michael Campbell, managing director, Kyle Morque and director, Chad Roberson.
Expecting Opportunity Zone development activity and interest to remain high among investors, the company plans to bring additional Opportunity Zone offerings to market in the coming months.
"Carlton's ability to access Opportunity Zone-focused equity for this transaction is indicative of our global reach and relationships with investors who have divergent investment goals and tax mandates. We pride ourselves on our tireless work ethic and ability to identify non-traditional, off-the-radar foreign and domestic investors and lenders," said Campbell.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
