PITTSBURGH, March 29, 2019 (GLOBE NEWSWIRE) -- Alpha Capital Partners, a Pittsburgh based real estate investment and development firm, through a joint venture has announced the acquisition of its first qualified opportunity zone project. Alpha Capital launched its Opportunity Zone fund with a target raise of $250 million in October 2018. 1501 Herman is a ground up development project located in Downtown Nashville, Tennessee, within walking distance from the Amazon’s Nashville Yards expansion, creating 5,000 new jobs in the area. The project is within the Marathon Village, a premier retail entertainment destination housing about 40 creative office tenants and generating significant foot traffic.
Thomas McGahan, CFA, Managing Director of Investments for Alpha Capital said, “We are excited to have acquired the first project in our Opportunity Zone Fund. The location of this project is a significant win given its proximity to affluent residential neighborhoods and modern retail concepts. We believe having connectivity to these areas will be highly beneficial in generating stable cash flow and a great valuation at exit.”
Jide Famuagun, CEO of Alpha Capital, said, “Our team is excited about the opportunity in a prime location. Alpha’s development and construction teams are up and running with project execution and we are looking forward to delivering a 300-unit multifamily community Downtown Nashville, a very strong growth market.”
About Alpha Capital Partners
Alpha Capital Partners is a Pittsburgh-based real estate investment firm that develops, acquires, and manage student-housing and multi-family communities in secondary and tertiary markets. The company is the leader in the middle-market space and has delivered higher-than-expected margins and risk-adjusted returns. Alpha Capital Partners is continuously growing its portfolio and currently owns 30+ properties in growth markets across the United States. For additional information, visit www.alphacapitalpartners.com.
| Contact for Alpha Capital Partners | ||||
| Investor Relations: Modele Segun | Media: Lola Soyebo Harris | Phone: 412-212-0665 |
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