SoLa Impact Selected As Top Opportunity Zone Fund By Forbes Magazine & Sorenson Impact Center

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Feb 05, 2020, 15:11 ET

SALT LAKE CITY, Feb. 5, 2020 /PRNewswire/ -- Today, Forbes Magazine and the Sorenson Impact Center recognized SoLa Impact as the nation's leading Opportunity Zone Fund in the Urban Fund category, bestowing top honors on the South Central Los Angeles affordable housing developer in the inaugural Forbes OZ 20: The Top Opportunity Zone Catalysts, which honors leaders harnessing the new tax policy to unlock transformative economic potential and create lasting change in America's historically neglected communities.

Receiving the Grand Prize award at the Sorenson Winter Innovation Summit, Martin Muoto, SoLa Impact's Founder and Managing Partner, stated, "It is an honor to be recognized for the hard work that SoLa's team has been relentlessly pursuing over the last several years. We appreciate the spotlight the Sorenson Impact Center and Forbes have brought to funds and community organizations that are delivering on the full promise of the OZ legislation."

SoLa Impact also used the Sorenson Winter Innovation Summit to announce the close of their 2019 Opportunity Zone Fund, which was heavily oversubscribed, and the launch of their follow-on fund focused on commercial real estate in Los Angeles' Opportunity Zones. Muoto added, "The impact SoLa has achieved to date would not have been possible without an incredible group of mission-aligned investors. Our LPs have always sought measurable social impact as well as strong financial returns. Due to the overwhelming demand, we are evaluating additional OZ opportunities focused on commercial development and adaptive reuse in commercial hubs."

Jim Sorenson, Founder of the Sorenson Impact Center, stated, "We received over 100 applications from across the country with a large number of very deserving OZ Funds and community organizations. SoLa Impact stood out in several dimensions – its outstanding track record, its demonstrated and sustainable social impact, its intentional community engagement, and its innovative private-public and nonprofit partnerships. In addition, we were impressed with the vision and execution of SoLa's founders and management team."

About SoLa Impact
SoLa Impact manages a family of real estate funds with a double bottom line strategy focused on preserving, refreshing, and creating high-quality affordable housing in low-income communities. Its proven track record leverages data-driven strategies to deliver superior financial returns while creating meaningful social impact. SoLa Impact's recent $115 million Opportunity Zone fund develops high-quality affordable housing and commercial centers in designated OZs in South Central Los Angeles, Watts, Compton, and other historically disadvantaged communities. In September 2019, SoLa Impact announced the launch of "The Beehive," the nation's first campus for Opportunity Zone operating businesses.

About the Forbes OZ 20
The Forbes OZ 20 officially launched in the spring of 2019, with applications closing at the end of August 2019. The purpose of this new list is to showcase how large and small investors, as well as rural and urban communities, are pioneering dynamic, equity-minded approaches to the revitalization of distressed communities. By elevating the best examples of OZ work from around the country we hope to showcase the promise and possibilities of the entire OZ landscape.

For questions related to the Forbes OZ 20, contact:
Max Seawright, Director of Communications, Sorenson Impact Center([email protected] / +1 617-460-5768)

For questions related to SoLa Impact, contact:
Jennifer Jimenez
([email protected] / +1 213-590-4258)

SOURCE SoLa Impact