By Clark Spencer
Created under the Tax Cuts and Jobs Act of 2017, Opportunity Zones were designed with a simple proposition – to encourage private investment in communities within the United States that are struggling to attract capital, create jobs, and elevate residents out of poverty.
For Grubb Properties and the Link Apartments Opportunity Zone REIT, the program was a perfect opportunity to expand the reach of essential housing, bringing Link Apartments to some of the regions of the country most in need of housing. Since starting our Opportunity Zone program, we’ve been building a diversified portfolio of 19 properties in both resilient and gateway markets across the country, including our home base of Charlotte, Washington, DC, Denver, New York, and Los Angeles.
After years of acquisition and development, 2023 will bring our efforts to an important new level as a number of these projects open to residents and commercial tenants.
Here are a few of the projects recently opened or coming soon:
After years of forging partnerships with the Town of Chapel Hill, the University of North Carolina at Chapel Hill, and Innovate Carolina, Grubb Properties is helping to bring a new innovation district to life in downtown Chapel Hill.
137 Franklin | 136 Rosemary is a key part of this endeavor. Following extensive renovations,137 Franklin | 136 Rosemary is now being repositioned as an innovation hub with new amenities and tenants designed to drive entrepreneurship.
Innovate Carolina has signed a lease in the 136 Rosemary building, which will be home to the university’s central team that provides guidance, tools, and resources to support people and organizations on campus and in the community pursuing innovation, entrepreneurship, and economic development. BioLabs, a provider of a fully equipped lab and coworking space, will also be in the building.
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This 224-unit property in downtown Winston-Salem started welcoming residents in 2022, and the team sponsored several events throughout the holiday season to build relationships with local partners and develop a sense of community with residents. Events included sponsoring a food drive that residents could participate in, the property’s first offsite event at Vintage Sofa Bar, and a holiday party catered by Camel City BBQ.
Preleasing will begin soon at Link Apartments℠ H Street in the H Street NE corridor of Washington, D.C. This 181-unit community will feature outdoor rooftop amenities including a saltwater pool and grilling area with a dining terrace. This neighborhood is experiencing a resurgence of commercial activity with numerous new restaurants, entertainment, and retail, and we believe essential housing will be a perfect addition to the area.
The 405-unit Link Apartments Fitz community in Aurora, Co. had its first initial site inspection for NGBS certification. Our goal is to have each of our new development projects earn a green certification like the one from NGBS. This property will emphasize walkable design and connectivity, with easy access to the Denver light rail and the future bus rapid transit system.
Meanwhile, construction work including wall installation, floor trusses, and exterior weatherproofing continues on the buildings as we prepare to welcome residents later in 2023.
Next to the 36th Street station of Charlotte’s light rail system, construction continues on phase I of Link Apartments℠ in NoDa, which is expected to open for preleasing later in 2023. Walkable amenities for this project include music venues, art galleries, breweries, and restaurants. Progress is being made on the multifamily buildings, including masonry, water testing, and mechanical, electrical, and plumbing work.
For more information visit the Link Apartments Opportunity Zone REIT, page.
Managing Director, Investments