Bow River Capital, a Denver-based private alternative asset management firm, announced today the successful close of its third Opportunity Zone Fund (“the Fund”) consisting of two adjacent, Class-A apartment building developments in downtown Salt Lake City. Total capital raised for the Fund was $39.6 million. Bow River Capital is a leader in the Opportunity Zone market having made its first investment in early 2019.
“We are excited to increase our commitment and investment in Salt Lake City with this second acquisition,” said Nick Koncilja, Managing Director of Bow River Capital. “Given our positive view of Salt Lake City and the surrounding region, we intend to have a long-term presence in the market.”
Bow River Capital, alongside its development partners Hamilton Partners and DB Urban Communities, strategically acquired the two neighboring sites situated on the hard corners of 500 West and 200 South, which is located five blocks west of the heart of downtown Salt Lake City, an area poised for significant growth. Salt Lake City represents an attractive location for this project due to its strong population growth, low vacancy, and young and highly educated employment base. It also offers its residents a desirable lifestyle, relative affordability, and a diverse economy.
The total project will consist of 400 units across two differentiated product types. The first building, named “Cinq.”, will consist of 200 units encompassing a historic warehouse on 1.24 acres and will include direct frontage along the Old Greektown light rail station. The second building, “Rio”, will be developed into a seven-story structure totaling 200 units, on a 1.17 acre site. This site is directly across from the Gateway development, which was originally built for the 2002 Olympics in Salt Lake City and is now a desirable employment and entertainment district.
If you have questions about the opportunity zone program or the investments Bow River has made to date, please contact Nick Koncilja at (720) 573-8078.
About Bow River Capital
Bow River Capital is a private alternative asset management company based in Denver, Colorado, focused on investing in the lower middle market in three asset classes, including private equity, real estate, and software growth equity.