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Pinnacle Partners Opportunity Zone Fund VIII

Fund Overview

Pinnacle Partners has sourced a robust pipeline of new multifamily development projects to create a diversified multi-asset fund. Pinnacle Partners Opportunity Zone Fund VIII, LP (the Fund) will invest in multifamily development projects in carefully selected Opportunity Zones in high growth markets throughout the U.S.

Fund Size  $100M+

Number of Projects  4

Target Net IRR  10%

Potential IRR Increase from OZ Tax Benefit  3%

Target Equity Multiple  2x

Product Type  Multifamily

 

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Fund Strategy

The Fund will invest joint venture equity in a portfolio of institutional quality multifamily properties located in carefully selected Qualified Opportunity Zones.

ATTRACTIVE RISK-ADJUSTED RETURNS  Multifamily assets offer investors the potential for consistent operating performance which can lead to attractive risk-adjusted returns

HEDGE AGAINST INFLATION  Income producing real estate with fixed price debt has historically been a hedge against inflation

DIVERSIFIED INVESTMENT PORTFOLIO  The Fund will seek to construct a diversified investment portfolio consisting of multiple well-located assets 

LONG-TERM POSITIVE TRENDS  The Fund is targeting markets with the following long-term positive trends: population growth, income growth, educational attainment, employment growth, and housing spend relative to income

 

Fund Highlights

INVESTORS FIRST  We are providing investors one of the most competitive fee and waterfall structures in the Opportunity Zone fund marketplace

CURATED, TARGETED PORTFOLIO  Our robust pipeline of new opportunities has aligned to produce a multi-asset fund, creating a diversified portfolio of very select identified assets with best-in-class developers in growth markets with significant upside

NOT A "BLIND FUND"  Unlike other OZ funds focused on capital aggregation, we are sizing equity to capitalize a discrete set of projects

VISIBILITY INTO FUND’S INVESTMENTS  Investors have transparency and visibility into the fund’s investments at every step of the way, with the ability to underwrite projects on a single asset basis

CO-INVEST AND SIDECAR INVESTING  These rights are provided to large investors who meet a certain minimum investment amount 

 

Highly Engaged Advisory Board

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A-P Hurd  SkipStone

A-P Hurd is the president of SkipStone, a consulting firm that provides real estate and planning services to private and public clients. A-P is the former president of Touchstone, a real estate development company that built nearly 3M SF of office, retail, hotel and residential space between 2007 and 2017 and won the national Developer of the Year award in 2016. A-P is also faculty member and Runstad Fellow in the College of Built Environments at the University of Washington, where she teaches a course on land economics and public policy.

 

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Mollie Fadule  JPI & Cephas Partners

Mollie is a senior leader in the commercial real estate industry with significant experience in real estate, private equity and real estate/construction technology. She’s recognized as a thought leader with expertise and experience with institutional investors across multiple property types and companies representing over $10B. She’s the Chief Financial and Investment officer at JPI, a developer, builder and investment manager of Class A multifamily assets with a 30-year history having developed over 100,000 units. She is also Co-Founder and a Partner of Cephas Partners, a private equity firm specializing in alternative investments with a focus on real estate related opportunities, formed in 2012 to assist affiliates of The Blackstone Group. In her work with Blackstone, Mollie managed investments, co-invested and acted as a board and IC member. Prior to Cephas Partners, Mollie was a VP at Bank of America Merrill Lynch in the Real Estate Principal Investments group in New York. She also served as an analyst in the Real Estate Group at UBS Investment Bank, also in New York.

 

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Walt Smith  Avenue5 Residential

Active in the property management industry since 1986, Walt was one of the three founding principals of HSC Real Estate, serving as its president from 2001 until it was acquired by Riverstone Residential Group in 2008. At the time of the Riverstone transaction, HSC provided property management and ancillary services for more than 34,000 apartment homes in California and the Pacific Northwest. Walt became CEO of Riverstone in 2009 and provided strategic vision and leadership for its portfolio of more than 800 managed properties and 4,500 associates. During his four-year tenure, Walt fostered a vibrant and collaborative company culture, significantly expanded the ancillary services platform, and drove substantial income and unit growth that ranked Riverstone as the second largest management company in the United States. In 2014, Walt and the legacy HSC partners formed Avenue5 Residential to manage their 7,000 unit Investors Capital Group portfolio in the Western United States. Avenue5 Residential, a solutions- based portfolio management services company, commenced third-party management services for the multifamily industry in November 2015. Today, Avenue5’s portfolio has grown to more than 440 properties and 84,000 units across 15 states, managed by over 2,100 associates. The company appeared on the Puget Sound Business Journal’s list of fastest-growing private companies in Washington for the past three years.

 

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Glyn Aeppel  Glencove Capital

Glyn Aeppel is Founder, President and CEO of Glencove Capital, a boutique and lifestyle hospitality investment and advisory company. Glencove is the only woman-owned and operated hospitality investment firm in the U.S. Since its founding in 2010, Glencove Capital has invested in hotels and restaurants, all in partnership with high net worth investors and developers. Most recently, Glencove launched a lifestyle hospitality investment platform. The first investment is in a European brand, MOB Hotel, based in Paris. Aeppel has spent many years as a senior corporate executive raising capital, asset managing and investing in hotel companies and assets for major corporations including Marriott, Interstate Hotels, Le Meridien, Fairmont Hotels and Resorts, and Loews Hotels. Prior to founding Glencove, Aeppel served as a partner and Chief Investment Officer of Andre Balazs Properties. In addition to oversight of Glencove, Aeppel serves as a board member of Simon Property Group (NYSE:SPG), AvalonBay Communities (NYSE:AVB), Exclusive Resorts, Gilbane, Inc. and Concord Hospitality Enterprises. She is also chairman of the Advisory Board of 1843 Capital, an early stage female-founded technology venture firm.

Investor Advisory Committee

A committee consisting of representatives of Limited Partners in the Fund that provides assistance in executing a select number of major decisions by voting members.

 

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Dr. Christopher Cheng  Global Science & Technology

Dr. Christopher Cheng splits his time between aerospace government contracting, the medical device industry, and academic research. Dr. Cheng is CEO of Global Science & Technology (gst.com), a contractor to NOAA, NASA, DoD, and USDA focusing on satellite remote sensing for weather and climate change monitoring. He also runs a consulting practice dedicated to helping medical device companies holistically evaluate and improve durability and biomechanical compatibility of medical implants (gst.com/med). Dr. Cheng is an Adjunct Professor in the Division of Vascular Surgery at Stanford, Director of the Vascular Intervention Biomechanics & Engineering lab (vibelab.stanford.edu), and President of Cardiovascular Implant Durability (cvidconference.org), a 501(c)(3) that helps the medical device industry develop more durable medical devices. He is considered the preeminent expert in vascular motion, having over 100 publications and edited Handbook of Vascular Motion (PROSE Book Award Nominee, https://www.elsevier.com/books/handbook-of-vascular-motion/cheng/978-0-12-815713-8), the first and only book dedicated to how blood vessels move. Dr. Cheng studied Biomedical Engineering and Electrical & Computer Engineering at Duke University, and earned his Master’s and Ph.D. in Biomechanics at Stanford University. Dr. Cheng currently serves as a board member of the Duke University Pratt School of Engineering, American Leadership Forum Silicon Valley, and a couple of medical tech startups.

 

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Koti Reddy  TA Digital

As the COO and Founding Partner of TA Digital, Koti oversees Technology Innovation, Practice Development, and Project Delivery. He has over 20 years of experience in designing, developing and launching web-based applications and content management solutions. Koti defines the technology roadmap for TA Digital and ensures the quality of delivery across various practice areas, such as Web Content Management, Web Development, Mobile Applications, QA, and Marketing Automation. Prior to TA Digital, Koti led architecture and development for various web content management projects for Sun Microsystems, Applied Materials, Stanford Hospitals among others. Koti earned his Bachelor in Industrial Engineering from IIT, Kharagpur, India, and a Master in Software Management from Carnegie Mellon University. Koti enjoys swimming and is ready to join you anytime for a plate of sushi.

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