Seattle-based Pinnacle Partners, a real estate investment manager, and Dallas-based multifamily developer JPI announced the launch of a $200 million workforce housing fund.

The fund will back four projects, including one in Redmond at 15025 NE 24th Street. The new fund will partner on the development with the property owner with Stream Real Estate, reported the Puget Sound Business Journal.

“With JPI’s integrated development and construction platform and our capital raising expertise, we believe this fund will both meet crucial housing needs and produce strong returns for our investors,” Jeff Feinstein, managing partner at Pinnacle Partners, said in a news release.

Pinnacle Partners focuses on identifying and participating in qualifying Opportunity Zone real estate projects. To date, the company has capitalized over $1 billion in multifamily development projects, including over 900 lower-income workforce housing units.

Pinnacle Hospitality Partners is seeking approval from the Metro Planning Department for a new 24-story development that would feature 218 hotel rooms and 261 apartment units. The first eight floors of the nearly 360,000-square-foot building are planned for hotel rooms and amenity space, and the remaining upper levels are slated for rental units.

Plans also include nine levels of underground parking, 3,580 square feet of ground-level retail space and a rooftop terrace and amenity space.

Nashville-based architecture firm Esa is leading design for the project.

If approved, the proposed tower will rise at the corner of Lea Avenue and Fourth Avenue. The Nashville Business Journal reports Pinnacle Hospitality Partners purchased the two-parcel site, located at 600 and 616 Fourth Ave S., in 2016 for $5.55 million.

The concept plan for the SoBro tower will go before the Metro Planning Department for approval in August.

The investor of a four-building business Park in Arlington has lost that investment, to the bank that had the loan on it. Pinnacle Bank Texas took back the office park at auction for $30 million from Opal Holdings. Opal Holdings defaulted on a $40 million loan the bank made in 2021.

The Dallas Business Journal reports that Opal Holdings bought the renovated Centerpoint office park in Arlington from Boston-based Albany Road Real Estate Partners in 2021. The park is legally listed as the Six Flags Business Park in Tarrant County records.

The office park at 600, 616, and 624 Six Flags Dr. and 2401 E. Randol Mill Road has about 450,000 square feet of space. TXRE Properties handles leasing of the property. The buildings are home to a variety of tenants including the North Central Texas Council of Governments at 616 Six Flags Dr.

The appraised value of the office park is about $43 million, according to Tarrant Appraisal District records.

Unico Properties LLC and Pinnacle Partners have completed an extensive renovation of Washington Park, transforming the building into a unique office and retail property along the revitalized Seattle Waterfront.

Located at 68 S. Washington Street in the Pioneer Square neighborhood, Washington Park is a 52,809-square-foot building that includes office space, a rooftop penthouse and patio, and ground-floor retail space. The Broderick Group and Real Retail are marketing Washington Park for lease.

“Our major transformation of this historic property complements the beautiful, new waterfront and creates a stunning home and turnkey new space for tenants who are looking for office space with modern infrastructure and historic charm,” said Liz Thorson, Unico Properties Director, Market Leader.

The historic property was originally constructed in 1890, and Washington Park is situated directly south of Seattle’s central business district at the southern end of the city’s Waterfront Seattle project, which is rebuilding Alaskan Way between South King and Pike Streets. Washington Park is also part of the Opportunity Zone program.

Photo credit to Cleary O’Farrell

Trilogy Investment Company and Pinnacle Partners are delivering their second joint Opportunity Zone build-to-rent community project. The North Davidson (NoDa) project brings the organizations’ best-in-class development capabilities in a strong location to expedite construction of market-driven housing solutions. 

Targeting Opportunity Zone projects in Charlotte, Trilogy purchased the NoDa project from Pulte Homes in partnership with Pinnacle during construction. Pulte Homes remains engaged as the construction manager to deliver NoDa with a variety of floor plans and community amenities that would otherwise be inaccessible to target demographics at current market costs. Pulte Homes will complete construction of the 68-home community in phases from Q3 2023 through 2024.

Trilogy and Pinnacle’s mid-construction acquisition of NoDa eliminates construction risk while capitalizing on exceptional tax advantages for Qualified Opportunity Zone project compliance.

NoDa is the fourth project in Pinnacle Partners’ Opportunity Zone Fund VIII, a portfolio of multi-family projects in key growth markets.