Wednesday, August 22, 2018

WBJ article on new Fundrise real estate fund; one of the first investments is on 4th St NW in LeDroit, in what appears to be at 4th & Oakdale Place NW

This Washington Business Journal article is behind a pay firewall.  I have only included a few paragraphs for you.

See this tweet exchange, which includes an image of one of Fundrise's first investment projects:

The image would appear to be an architectural rendering of a building at 4th and Oakdale Place NW.  Who wudda thunk?

Note that this location is outside of the LeDroit Park historic district, so there would be no review by the HPO/HPRB.  

New $500M real estate fund targets development in 'opportunity zones'

Aug 22, 2018, 3:14pm EDT Updated: Aug 22, 2018, 3:23pm EDT
Katie Arcieri, Staff Reporter
Washington Business Journal 
Fundrise, a D.C.-based real estate investor and one of the nation's fastest-growing companies, has launched a $500 million fund designed to inject capital and new development into lower-income communities.
Fundrise Opportunity Fund LP, the firm's largest investment vehicle to date by far, is designed to capitalize on the Tax Cuts and Jobs Act, which allows investors to deploy capital into qualified Census tracts called "opportunity zones," economically distressed areas where investors can put in money in return for deferring or reducing their capital gains tax burden until the end of 2026. D.C. alone holds 10 opportunity zones in wards 7 and 8, including historic Anacostia, Brightwood Park, Barry Farm, Lincoln Heights and Brentwood.

One of Fundrise's first investments is an opportunity zone property on Fourth Street NW in LeDroit Park, where it plans to restore a historic building and transform it into a modern apartment complex with retail. Miller said the fund plans to buy up more property in areas such as Eckington and Buzzard Point.

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