When Opportunity Zones were designated by Congress in 2017, SMARTCAP immediately began investigating Seattle-area opportunities. We studied the new regulations in depth. We’ve researched the tax code, identified the legal gray area as yet undefined around OZs, and we’ve scouted investment ideas and properties. We closed our first Opportunity Zone Fund in early 2019 and plan on opening another fund in Q2.
SMARTCAP will purchase Evergreen Office Park, a Class A office campus strategically located three miles north of the Bellevue, Washington core business district on the SR 520 Corridor. Evergreen Office Park is located in Bellevue, WA and totals 88,642 sf. spread over a two building office campus. This is an On-Market transaction, co brokered by Kidder Mathews & Newmark Knight Frank.
The Seattle Opportunity Zone offers investors the opportunity to invest in a thriving community with a strong and robust economy. Unlike many Opportunity Zones sited in distressed or low-income areas, Seattle Opportunity Zones are adjacent to the busy downtown core, with direct access to the Port, container facilities, rail hub and the I-5 corridor.
SMARTCAP operates in one of the top real estate markets in the world. We minimize investment risk by acquiring assets at value-add pricing. We’ve completed over $155 million in total transactions. We maintain low debt to equity ratios, high operating buffers and ensure that our property assets are strategically located for long-term growth and appreciation. Our track record for our entire portfolio is over 23% IRR paid to investors, net of fees and expenses.