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Sortis Delivers $60M for Puget Sound Opportunity Zone Development

Portland-based Sortis Holdings Inc. closed on equity funding for Tukwila Village Phase II, a mixed-income senior living development in Tukwila, WA. The private equity firm provided $59.8-million in funding for the 210-unit senior living Opportunity Zone development.

Sortis’ Paul Brenneke says, “We believe delivering a high-quality project with attractive investment returns, while simultaneously providing an affordable housing option to low-income seniors, is a win-win.”

The two-phase project is situated on roughly 5.76 acres. There are 204 apartment units exclusively for seniors in Phase II, with six live/work units, roughly 8,300 square feet of commercial/retail space and structured parking. Upon delivery in late 2020, the combined project will be the third-largest senior living development in Washington, encompassing 403 apartment units.

Sortis invested capital from its $100-million Sortis Opportunity Zone Fund, alongside project sponsor Bryan Park, a Puyallup-based developer. The project will be operated by Sustainable Housing for Ageless Generations, or SHAG, a 501(c)(3) nonprofit.

Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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