CIM Group Expands Focus on Opportunity Zones
January 23, 2019 | CIM Group | Market Watch
CIM Group announced today that it is expanding its focus on investing in Opportunity Zones, as defined under the 2017 Tax Cuts and Jobs Act. This Act provides certain tax advantages for investors who substantially improve assets in these designated Opportunity Zones.
Since its inception 25 years ago, CIM sought to focus on identifying densely-populated communities where it could invest and bring needed real estate and infrastructure projects to improve the experience of the people in the communities. CIM has been investing in Opportunity Zones as a prudent investment strategy long before these areas were considered Opportunity Zones. The Act offers the potential to qualify for added tax benefits from new Opportunity Zone investments in areas in which CIM has already targeted and has been actively developing, repositioning, and operating properties.
Key to maximizing the advantages of the Act’s Opportunity Zone program is the ability to quickly and prudently invest capital. With 65 of CIM’s Qualified Communities already located in Opportunity Zones and having owned, developed, repositioned and operated more than 50 investments in Opportunity Zones, the company is well-positioned with specific market knowledge and vertically-integrated investment, development, and property management teams in place.