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Parsonex Capital Partners Breaks Ground on Second Qualified Opportunity Zone Project
News provided byParsonex Capital Partners, LLC
May 11, 2022, 10:41 PM ET
ENGLEWOOD, Colo., May 11, 2022 /PRNewswire/ -- Earlier this week, Parsonex Capital Partners ("Parsonex") announced it has broken ground on its second Qualified Opportunity Zone ("QOZ"), a multi-family development project located in Grand Junction, Colorado.
The project, known as Brookwillow Estates, is being co-developed by Senergy Builders in the Brookwillow Village neighborhood. Senergy Builders is a Grand Junction and Western Slope-focused, RESNET Energy Smart Builder. Brookwillow Estates, which officially became "shovel ready" in first quarter 2022, is an infill project that will comprise 36 ENERGY STAR® rated condominium units.
The future location of Brookwillow Estates is less than a mile from the first completed Parsonex QOZ development project, Sundance Townhomes, which was also co-developed by Senergy Builders. Brookwillow Estates will provide individually deeded condo units to help fill the housing market's current inventory gap. This gap was recently highlighted in the Bray Report published by Bray Real Estate which indicated, with only 222 active listings as of February 2022, Grand Junction has a low supply of housing. Grand Junction's inventory shortage, combined with a high demand for rentals, makes the city an attractive location for both home builders and new rental units.
Parsonex CEO and president, Jonathan Miller, stated that, "Grand Junction has recently been coined, 'The New West' due to the number of residents flocking to the area. Given its prime location between the Rocky Mountains and Moab Desert, Grand Junction is a highly desirable place to live, and there is a strong demand for three-bedroom rentals."
Overall living expenses in Grand Junction are a third less than in Denver. With a Denver median home cost that is approximately 70% more than the median home cost in Grand Junction, housing is the primary driver of the cost-of-living difference between the two cities. However, expenses across the board are significantly higher for those living in Denver, based on an analysis by BestPlaces2.
"The Grand Junction market continues to be strong and has attractive investment opportunities due to the recent diversification of its employment base," said Fred Adams, chief investment officer of Parsonex. "Its lifestyle affordability, nearby agriculture and outdoor recreation attract a wide range of people to the area." In 2021, The Wall Street Journal and Realtor.com included Grand Junction as #39 on its Emerging Housing Markets Index3, a ranking of housing markets expected to provide both a strong return on investment and a nice place to live.
According to Miller, "At Parsonex, we are excited and eager to continue our partnership with Senergy Builders and the City of Grand Junction. Our commitment to making a positive social impact through responsible QOZ development is stronger than ever."
About Parsonex Capital Partners
Parsonex Capital Partners, headquartered in Englewood, Colorado, is a private fund sponsor, with a focus on real estate development, qualified opportunity zones and special situations. The firm's leadership believes that, when done correctly, QOZs provide a compelling opportunity to directly improve the economic condition of underserved communities while also offering tax benefits to investors. Parsonex strives to unlock the tax-savings benefits of opportunity zones while identifying communities in which the firm can have a lasting positive impact.
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SOURCE Parsonex Capital Partners, LLC