O wners , D evelopers & M anagers
Real Estate Journal — Section B
M id A tlantic
E R S E Y C I T Y / T E - ANECK, NJ — Two New Jersey-based multi- family focused entities $85+ million in projects already under contract PEEK Development joint venture to focus on NJ Urban Opportunity Zone Investments J ners, and Emanuel Klein , co- founder The Fountain Group, are spearheading the PEEK initiative.
ange Property Owners As- sociation – a three-year-old industry-unique commercial real estate membership orga- nization committed to advanc- ing the city’s renaissance. According to Evanski, found- er of Equis Realty Partners, the QOF is an extremely useful funding strategy for opportu- nity zone investment. As long as 90 percent of the funds are invested in OZs, investors will then receive beneficial tax treatment. Another benefit is that investors can defer the tax payment due on capital gains until December 2026 if they invest the money in a QOF. By leaving the money in a fund for at least seven years, investors also receive a 15% discount on the deferred tax payment. “If the money remains in the fund for at least 10 years, in- vestors will not owe any capital gains tax on the appreciation of assets in the fund,” he added. “Partnering with The Fountain Group is a win-win because of expand services throughout the Carolinas. The company will hire ap- proximately 70 local trade professionals to join their steel fabrication and erection team in Virginia, including machine operators, fitters, welders, painters, CDL truck drivers and project managers. “We’re excited about the op- portunity to help grow these communities with new con- struction projects and a local workforce,” said Jon Kinsley , tices with her results-oriented and collaborative approach to deliver project excellence – from the design phase to implementation. “We’re thrilled to have Nicolle join us as the newest mem- ber of our leadership team,” said Matt Travers , Stantec’s regional business leader for Water in the Northeast. “Her experience and knowledge in water treatment — leading
their expertise when it comes to knowledge of New Jersey’s urban-core municipalities as well as their extremely impres- sive track record for getting projects completed and deliv- ered to market.” The Fountain Group, found- ed in 2015 by Klein, is a real estate investment, manage- ment and development firm focused on multi-family and mixed-use assets throughout North Jersey. The company, which has developed and man- aged over 700 units, continues to grow its portfolio by focus- ing on renovations to existing buildings as well as ground-up development. Projects in The Fountain Group pipeline are valued in excess of $70 million. Founded in 2012 by Evanski, who has 25+ years’ experience in the commercial real estate debt and equity sector, Equis Realty Partners owns and manages a portfolio of multi- family apartments throughout the North Jersey Metro. president and CEO. “This space will also allow us to build partnerships with new clients while strengthening our relationships with current ones.” Previously owned by Wil- liams Bridge Co., the plant is currently undergoing renova- tions including installation of a beam line and fabrication equipment as well as work station setup. Operations are expected to kick off in early 2019. some of the most impactful projects in the region — make her a particularly valuable asset to us and will further reinforce Stantec as a leader in the industry.” During her career, Boulay has established a proficiency as a leader, manager, and process engineer for large-scale water and wastewater treatment plant design and construction projects.
HI-LIGHTS D ec . 28, 2018 - J an . 10, 2019 have announced the forma- tion of PEEK Development (PEEK) , a new investment, development and management joint venture focusing on tradi- tional 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 Te- aneck are partnering to employ an opportunity fund strategy IREM NJ members tour Prism’s Residences at Edison Lofts
fabricated materials, increas- ing Kinsley’s steel production from 40,000 to 60,000 tons per year. Kinsley currently owns and operates three plants throughout Central Pennsyl- vania, which serve clients in Maryland, New York, Dela- ware, Washington D.C., West Virginia, Virginia and Penn- sylvania. With the addition of the fourth plant, Kinsley will increase service to cli- ents in Virginia as well as Long considered the catalyst for economic development and urban revitalization, multi- family has been and continues to be at the core of municipal revival initiatives statewide. Examples include Jersey City, Newark and East Orange, where Klein and Evanski serve as vice president and presi- dent/founding board member, respectively, of the East Or- leader for Water in Virginia, bringing nearly 20 years of experience in water and waste- water treatment plant plan- ning, design, and construction across the Washington, DC metro area. Focused on increasing the group’s growth and perfor- mance in the region, Bou- lay will leverage her in-depth understanding of water and wastewater treatment prac- “Together with Equis Re- alty Partners’ operational and finance experience and our development expertise, PEEK is in a very unique position,” explained Klein. “We are ad- dressing the housing-stock needs of local municipalities by transforming a distressed- building landscape into high- quality, income-producing properties to benefit the lo- cal economy and its resident base.”
Emanuel Klein and Philip Evanski for PEEK, which has $85+ mil- lion 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 es- tablished as an incentive to promote investment in eco- nomically distressed commu- nities. Under the guidelines, governors were tasked with submitting designated census tracts for opportunity zone approval. In order to invest in OZ projects, a qualified op- portunity fund (QOF) such as PEEK can then be established. Philip Evanski , managing member of Equis Realty Part-
Kinsley Construction, Inc. expands their steel fabrication and erection services to VA
RICHMOND, VA — Kin- sley Construction, Inc. is growing their steel fabrication
and erection s e r v i c e s with a new p l a n t i n Richmond, VA. Located along I-95 wi th ra i l - road access, the new fa-
St. John Properties breaks ground on three buildings within Arcadia Business Park
cility will allow for easy ship- ping and receiving of raw and
Stantec welcomes seasoned leader inWater &Wastewater Treatment
FAIRFAX, VA — In re- sponse to continued growth in the Mid- Atlantic re- gion, Stan- tec’s Water p r a c t i c e w e l c o m e s a strategic hire to its Fairfax of- fice. Nicolle Boulay joins Stantec as sector Nicolle Boulay
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