JERSEY CITY/TEANECK, NJ — Two New Jersey-based multi-family focused entities have announced the formation of PEEK Development (PEEK), a new investment, development and management joint venture focusing on traditional development as well as recently approved Opportunity Zone (OZ) projects throughout the state’s urban submarkets. Equis Realty Partners LLC, based in Jersey City, and The Fountain Group LLC of Teaneck are partnering to employ an opportunity fund strategy for PEEK, which has $85+ million in projects involving 300+ market-rate units already under contract.
Created as part of The Tax Cuts and Jobs Act of 2017, opportunity zones were established as an incentive to promote investment in economically distressed communities. Under the guidelines, governors were tasked with submitting designated census tracts for opportunity zone approval. In order to invest in OZ projects, a qualified opportunity fund (QOF) such as PEEK can then be established. Philip Evanski, managing member of Equis Realty Partners, and Emanuel Klein, co-founder The Fountain Group, are spearheading the PEEK initiative.