By Jon Banister
September 22, 2019
CIM Group earlier this year launched one of the nation's largest opportunity zone funds, targeting a $5B raise, and one of its fund managers Friday shed new light on how it plans to deploy that capital.
CIM First Vice President of Portfolio Oversight Garett Bjorkman, speaking with Bisnow after his panel at the Urban Land Institute's Fall Meeting in Washington, said the firm is looking at opportunity zone investments in the Atlanta, Oakland, Los Angeles and Dallas regions, and specifically in Dallas' Deep Ellum neighborhood.
Bjorkman didn't disclose how much the fund has raised or detail the exact real estate projects it has planned in those markets, but he described the strategy CIM Group is planning in the opportunity zone areas it is targeting. He said the firm plans to cluster investments in individual neighborhoods to create a critical mass of amenities, such as housing and grocery stores, that can increase property values in the area.
"We are thinking about those communities holistically and take a community approach to activating these areas," Bjorkman said. "Without having that community approach, it really hinders your ability to take advantage of this program."