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Asset Management Unlimited is a privately held organization that invests throughout the real estate capital stack.  AMU also engages in investments beyond the real estate sector targeting companies across various stages and asset classes.

AMU’s culture is relentlessly entrepreneurial, opportunistic and strategic with active hands-on management.  AMU key investment criteria is to leverage on the team’s operating and strategic expertise to add value to each investment and drive results to maximize returns.

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Faneuil Hall in Boston, Massachusetts

NON REAL ESTATE INVESTMENTS

Boston Firm Picks Up 296-Unit Apartment Complex in Orlando for $48 Million

Joint Venture Partnership Sells The Canopy Apartment Villas Three Years After Renovation Project

Boston-based Taurus Investment Holdings LLC purchased a 296-unit apartment complex in Orlando, Florida, dubbed The Canopy Apartment Villas, for $47.95 million, or about $162,000 per unit.

Taurus Investment Holdings acquired the property from a joint venture between Robbins Property Associates LLC and LEM Capital, which originally acquired the property in 2015 for $30.54 million, according to CoStar data.

The Boston-based investor also secured a $35.23 million, 10-year, floating-rate loan from Fannie Mae’s “Green Rewards” program.

Located at 5762 Folkstone Lane, the garden-style complex was originally built in 1981, but was renovated by the joint venture after it purchased the apartments. The partnership completed nearly $3 million in capital improvements to complex, which mainly consisted of amenity upgrades and exterior renovations.

The Canopy Apartment Villas offers a mix of one-, two- and three-bedroom floorplans, ranging in size from 826 to 1,337 square feet, according to CoStar data.

Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida multifamily team represented the seller in the deal. Mitch Sinberg and Matthew Robbins of Berkadia’s Boca Raton, Florida, office arranged the acquisition financing on behalf of Taurus.

Treasury’s Opportunity Zone Tax Guidance Scraps Need to Sell Holdings in 10 Years

Incentives Aim to Spur Commercial Real Estate Investment in Distressed Areas

The Treasury Department issued highly anticipated guidance for the new Opportunity Zone tax incentive that eliminates the need for real estate investors to sell holdings in 10 years to qualify.

The tax benefit, created by the 2017 Tax Cuts and Jobs Act, is designed to spur economic development and job creation by encouraging long-term investments in economically distressed communities nationwide.

“We anticipate that $100 billion in private capital will be dedicated towards creating jobs and economic development in Opportunity Zones,” Secretary Steven Mnuchin said in announcing the guidance. “This incentive will foster economic revitalization and promote sustainable economic growth.”

The proposed regulations clarify what gains qualify for deferral, which taxpayers and investments are eligible, the parameters for Opportunity Funds and other guidance.

The proposed regulations are designed to provide investors and fund sponsors the information they need to start investing, Treasury officials said. However, Treasury plans to issue additional guidance before the end of the year.

Within hours of their release, several items in the 74 pages of rules were already spurring interest in the development community. Key among the new regulations is that it extends the length of the benefits of the program that offers capital gains tax relief to investors for new investment in designated areas.

Investment benefits include deferral of tax on prior gains as late as 2026 if the amount of the gain is invested in an Opportunity Fund, and tax forgiveness on gains on that investment if the investor holds the investment for at least 10 years. Now, the Treasury says investors can hold onto their investments in Qualified Opportunity Funds through 2047 without losing tax benefits.

Also of note is that the law had stated that capital gains must be reinvested into the opportunity zones within 180 days after the prior investment is sold, but the new rules give investors and developers up to 30 months to hold that working capital, as long as they have a plan for a qualified project.

This was a critical issue for developers. Since the law is aimed at stimulating new construction, developers had argued that 180 days was not enough time to get a project launched.

Treasury also created a 70-30 rule that measures whether a given business counts as being in an opportunity zone. As long as 70 percent of a business’s tangible property is in a zone, the business qualifies for the tax break. For example then, if a business owns 10 dollar stores or restaurants and seven of them are in an opportunity zone, then the business itself would be a qualified investment opportunity.

“The first set of rules released by the Treasury Department today reinforce that this will not be another bureaucratic process burdened by red tape, but rather a streamlined, efficient process that allows for investments to truly help communities in need,” said U.S. Senator Tim Scott, a South Carolina Republican who is the lead sponsor of the original legislation. “I can’t overstate how excited cities and towns have been to get started.”

He said the rules “will only stimulate more interest among those looking to invest in zones.”

John Lettieri, the president and chief executive of the Economic Innovation Group, said the rules give investors more certainty in a number of areas, and can more readily raise and deploy capital.

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