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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.
