Seattle-based real estate investment manager Pinnacle Partners and Dallas-based multifamily developer JPI have joined forces to launch a $200 million fund for workforce housing. The fund will support four projects, including one in Redmond located at 15025 NE 24th Street. According to the Puget Sound Business Journal, the new fund will partner with property owner Stream Real Estate for development.
Pinnacle Partners’ managing partner Jeff Feinstein stated in a news release that by combining JPI’s integrated development and construction platform with their capital raising expertise, they believe this fund will not only address crucial housing needs but also generate strong returns for investors.
The company specializes in identifying and participating in qualifying Opportunity Zone real estate projects. To date, they have successfully funded over $1 billion worth of multifamily developments, which includes over 900 units of lower-income workforce housing. This latest announcement from Pinnacle Partners and JPI is expected to further advance their mission of providing affordable housing options while delivering profitable investments.
