Sound West Group and Securities Veteran Greg Genovese Launch New Company in Seattle Focused on Qualified Opportunity Zone Funds

Greg Genovese SEATTLE, WA  – Sound West Group, a leading property developer and asset manager in Seattle, Washington, announced the launch of Sound West Realty Capital, an investment firm primarily focused on the sponsorship of project-specific qualified opportunity zone funds, in partnership with securities and real estate investment industry veteran Greg Genovese. Genovese, a 30-year veteran of the real estate securities industry, leads Sound West Realty Capital as principal and president. He has played pivotal roles in the creation and growth of some the country’s largest and most respected realty capital groups.

“The timing is right for us to take this next step as we’ve continued to grow our development and asset management business," said Sound West Group Chief Executive Officer Wes Larson. 

Wes Larson

“I particularly like that Sound West is focused on project-specific programs supported by tax opinions, said Jonathon Morris, a professor in Georgetown University’s Master of Professional Studies in Real Estate program and a Sound West Realty Capital board member.

"The tax advantages are outstanding, of course, and opportunity zone funds can be a real game changer, but I’ve always cautioned investors to not invest exclusively because of the tax advantages.

 “Rather, invest because of your belief in the project, the demographic drivers, the management, and the exit strategies. History tells us that deals are successful because they are good deals and managed properly, period.”

Jonathan Morris

A qualified opportunity zone fund is a new investment vehicle created as part of the Tax Cuts and Jobs Act of 2017, where people can invest their gains from prior investments into designated state opportunity zones. 

These investments provide significant tax benefits to investors and stimulate economic development and job creation. 

The tax benefits include a temporary deferral of taxes arising from gains invested in an opportunity zone, an increase in basis that reduces the amount of taxes ultimately owed in respect of the deferred gains, and a potentially permanent exclusion from taxable income of gains arising from the new investment in the qualified opportunity zone fund. 


For more information, please call:

Jill Swartz

Spotlight Marketing Communications                   

949.427.1389 
jill@spotlightmarcom.com

soundwestrc.com or call 877-277-7886.