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Parsonex Properties has closed on its first qualified opportunity zone project in Grand Junction — 22 townhomes expected to be available for rent this summer.
Based in Englewood, Parsonex Properties invests in real estate projects in the Rocky Mountain and Southeast. A tax reform measure enacted in 2017 offers tax breaks for investing in opportunity zones, areas deemed distressed because of unemployment and income levels.
Synergy Builders of Grand Junction is co-developing Sundance Homes on Zenith Lane between 24 1/2 and 25 roads. The townhomes feature three-bedroom units with attached garages. Each unit will be certified for meeting energy efficiency standards.
“We’re excited to work with Parsonex Properties on this project,” said Darrin Carei, owner of Sundance Homes. “The townhomes will be in a prime location with proximity to retail, entertainment, parks and trails, hospitals and the university.”
Mike Foster, a broker with Coldwell Banker Commercial Prime Properties in Grand Junction, handled the land sale. “Opportunity zone projects like Sundance are providing the capital necessary to catalyze the underlying regional demand for housing and commercial real estate that has recently emerged in the valley.”
Fred Adams, chief investment officer of Parsonex Properties, said Grand Junction offers attractive opportunities. “The market continues to diversify its employment base and attract employers. Colorado Mesa University is thriving and expanding, and it’s still an affordable place to live compared to the Denver metro area.”
Shane Phillips, president of Parsonex Properties, said he expects eight to 12 properties, all in opportunity zones, will be developed over the next thee years. The developments will include multi-family residential, light industrial and mixed use properties. “By developing multiple properties in Grand Junction and other mountain west markets, we can diversify and spread risk both geographically and by asset type.”
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