SoLa In The News
TPR spoke with SoLa Impact Founder and Managing Partner, Martin Muoto, about SoLa’s mission to: "Earn good returns, while targeting 'really tough neighborhoods,' often with properties plagued by many vacancies and a lot of deferred maintenance, renovate them and create decent, affordable housing.” In addition to providing affordable housing, SoLa is now invested in economic development opportunities in the communities of South LA—most specifically, through the Beehive business campus on 60th and Central.
Some funds have reached their goals. SoLa Impact, which invests in distressed neighborhoods in South Central Los Angeles, closed in August a $100 million opportunity-zone fund focused on affordable housing and a business campus.
“We’ve been investing in areas that most people overlook for the last 10 years,” said Managing
Partner Martin Muoto.
SoLa Impact: In The News
In Los Angeles, SoLa Impact, a decade-old impact fund manager, has nearly hit its $100 million Opportunity Fund target. SoLa invested $28 million to acquire 17 properties for affordable and workforce housing in South Central, Compton and Watts, and plans to invest an additional $50 million to rehab the facilities. Community organizations will provide social services for tenants.
“If you can understand the risk in these communities you can make really good returns,” SoLa founder Martin Muoto, an ex-venture capitalist with General Atlantic Partners and Accretive Partners, told ImpactAlpha.
SoLa claims a retention rate of 98% among its tenants, nearly all people of color and two-thirds low-income. Muoto says many are lifetime renters and reliable, making the properties attractive to investors. “These are tenants that are really recession-proof.” Click for full article
Aug 28th, 2019
SoLa Impact was established to create market returns for investors while revitalizing urban areas to develop high-quality affordable housing in low-income communities. The $100-million SoLa Impact Opportunity Zone Fund’s mission is multifamily rehab and development, as well as helping create jobs and revitalize neighborhoods.
July 24th, 2019
Opportunity Zone Funds: It's Complicated
New Proposed rules from the IRS clarify many questions investors had, but other questions remain.
“The second set of rules provides flexibility for the operating companies and will help bring jobs to the areas,” says Martin Muoto, founder and CEO of SoLa Impact Fund, which invests in the distressed neighborhoods in South Los Angeles and is raising funds for a $100 million opportunity zone fund that invests similarly.
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