Many Seattle tech workers are suddenly considering real estate investments, thanks to a new federal tax incentive. SmartCap Group says it’s ready with an opportunity for them. The Redmond, Wash. real estate firm just launched an Opportunity Zone Fund, a new investment vehicle created by the tax overhaul Republicans passed in 2017. The new tax code designated economically distressed neighborhoods across the country as “Opportunity Zones,” where investors could set up funds to finance projects in the hopes of financially boosting areas in need. The hook? Investors who sell other assets and put the payouts into Opportunity Zone Funds can defer capital gains tax on those sales. If they hold the Opportunity Zone assets for long enough, they can avoid paying capital gains tax on the appreciated value altogether. The SmartCap Opportunity Zone Fund’s first project will be a 12.5-acre industrial development north of Seattle in Arlington, Wash. The company is raising $10 to $10.5 million for the project, most of which has already been committed, according to Tim Shoultz, who is leading the fund with his partner Joe Ollis. Both executives led teams at Microsoft before moving into real estate. They developed a network of tech workers who comprise almost… Read full this story
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