Avanath Capital Management and MacFarlane Partners, two of the largest African American-owned real estate companies in the US, have jointly filed paperwork with the SEC to create a new REIT. It is reportedly the first REIT to focus on Opportunity Zones, though it will look to other properties as well.
The company will "invest in, develop, redevelop and manage mostly affordable and workforce multifamily properties in Opportunity zones, in dynamic, US metropolitan areas," the filing said.
Entitled Aspire Real Estate Investors, the new company will be managed and advised by Aspire REIT Manager, a new entity formed by affiliates of the two parent real estate firms.
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*May exclude premium contentRayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
