We are thrilled to be able to bring our first opportunity zone project to market. The Vancouver Waterfront Project is an important and beautiful addition.
PORTLAND, Ore. (PRWEB) January 30, 2019
Fairway America has announced its latest syndicated investment opportunity, the Vancouver Marriott AC Hotel development project. The project is located in a Qualified Opportunity Zone, offering investors potential tax benefits under the Tax Cuts and Jobs Act.
The principals of Vesta Hospitality, LLC plan to develop the AC Hotel, a high-end boutique hotel with a 25-year franchise agreement with Marriott. The planned AC Hotel is located in the rapidly developing Vancouver, Washington Waterfront Project, an urban mixed-use development. The AC Hotel will feature panoramic views of the Columbia River waterfront and Mt. Hood. The property is approximately 10 minutes from the Portland International Airport and 15 minutes from the Portland downtown area.
Construction is scheduled to begin in Winter of 2019 and is expected to be completed in 2021. Completion of the new Waterfront Project could potentially bring 10,000 jobs, as well as $385 million to the region’s economy.1 Vesta OZ Fund I LLC, the Opportunity Zone Fund that will supply most of the equity for the AC Hotel project, offers investors the potential to defer the payment of any tax on capital gains invested in this project until December 31, 2026, and to reduce the basis on the deferred gain by up to 15%. Investors in the project may also be eligible to pay no taxes on additional gains earned from their investment in Vesta OZ Fund I. Vesta OZ Fund I's capital contribution to the project is anticipated to be approximately $16.4 million of total equity, with $1 million to be invested by Vesta Hospitality.
Matt Burk, CEO of Fairway America says, “We are thrilled to be able to bring our first opportunity zone project to market. The Vancouver Waterfront Project is an important and beautiful addition to the area and we couldn’t be happier than to partner with Vesta Hospitality. Working with what we think is a quality local sponsor on an exciting project is a great way to meet the demand from our investors for an opportunity zone product. We are excited about this project and look forward to several more.”
1 Source website: TheWaterfrontVancouverUSA.com/About
Fairway America, LLC (fairwayamerica.com) and its affiliated and related companies (“Fairway”), facilitates the flow of capital between high net worth investors and quality real estate entrepreneurs. Fairway works exclusively within the sub-institutional investment space known as Small Balance Real Estate (SBRE). Fairway provides accredited investors access to SBRE deals, raises capital for SBRE entrepreneurs, and provides full-spectrum advisory and consulting services for SBRE entrepreneurs interested in setting up 506 Regulation D pooled investment funds. Fairway offers equity securities through North Capital Private Securities Corporation, member FINRA/SIPC. For more information on how to become a Fairway investor or to seek capital through the SBRE marketplace, please visit fairwayamerica.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities in any of the companies mentioned or any related or associated companies. Any such offer or solicitation will only be made through private placement memoranda, offering memoranda, or other formal offering documents. Investors must not rely on information provided in this press release for investment decisions.
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