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| Greg Genovese |
SEATTLE,
WA– Sound West Group, a leading property developer and asset manager in
Seattle, Washington, announced today 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.
Sound West Realty Capital’s opportunity zone
investment strategy is the result of
a comprehensive internal study initiated in March 2018 of the Tax Cuts and Jobs
Act of 2017, which allows for the creation of opportunity zones in each of the
50 states.
The Sound West study determined that there
are notable investor advantages and program structures available to best
facilitate successful opportunity zone investments. The study also estimates
that the demand for this type of investment program will be significant.
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| Wes Larson |
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.
"We
have built a reputation over many years of delivering above average returns for
our investors while also providing socially responsible, investor-centric
programs, and the launch of Sound West Realty Capital is a natural extension
for our expertise.
“Our
entry into the real estate securities capital markets is one we are well-suited
and prepared for with Greg at the helm. I’ve worked with Greg for more than 20
years in the securities industry and he is a phenomenal leader. His proven
abilities to create and grow realty capital companies that are best in class
make this venture a great match.”
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| Jonathan Morris |
Jonathon Morris, a professor in Georgetown University’s
Master of Professional Studies in Real Estate program and a Sound West Realty
Capital board member, said:
“I particularly like that Sound West is focused on project-specific programs supported by tax opinions.
"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.”
For more information,
please contact:
Jill Swartz
Spotlight Marketing
Communications
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