Officials: No further Opportunity Zone rules in the works | Report: Nontraded REIT sales in April hit $916M | How proptech is remaking commercial real estate
May 16, 2019
IPA NewsBrief
National Leadership for Portfolio Diversifying Investments
Top Stories
Officials: No further Opportunity Zone rules in the works
Officials said no plans are in place for the IRS and Treasury Department to issue a third round of proposed rules for Opportunity Zones. Additional guidance, however, is necessary on topics such as the consequences of losing qualified opportunity fund status, says Michael Novogradac of accounting and advisory firm Novogradac & Co.
Bloomberg BNA (free content) (5/13) 
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Report: Nontraded REIT sales in April hit $916M
Nontraded real estate investment trust sales reached $916 million in April, registering the largest monthly fundraising in more than four years, according to Robert A. Stanger & Co. Fundraising has reached $2.7 billion in 2019, with net-asset-value REITs representing more than $2.3 billion in sales, data show.
The DI Wire (free registration) (5/10) 
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How proptech is remaking commercial real estate
After lagging for years, property technology, or proptech, has become a vibrant component of commercial real estate as companies seek to maximize portfolio operations. Companies such as Rudin Management have developed technology where none existed before, and investor interest in the space is rising.
The New York Times (tiered subscription model) (5/7) 
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Griffin Capital Company, LLC
Griffin Capital Company, LLC is a leading alternative investment asset manager that has owned, managed or co-sponsored approximately $16.8 billion in assets. Founded in 1995, the privately held firm is led by a seasoned team of senior executives with more than two decades of investment and real estate experience and who collectively have executed more than 650 transactions valued at over $22 billion.
Industry News
Starwood Capital plans NYC, Calif. Opportunity Zone projects
Starwood Capital Group and developer AB Capstone are pursuing an Opportunity Zone project in New York City's South Bronx area with a charter school as the anchor. In addition, a joint venture between Starwood and Holland Partner Group plans to develop a multifamily project in an Opportunity Zone in San Pedro, Calif.
Commercial Property Executive (5/10),  The DI Wire (free registration) (5/14) 
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Four Springs plans DST program for Neb. industrial acquisition
Four Springs Capital Trust expects to introduce a Delaware statutory trust program for an Omaha, Neb., industrial distribution warehouse that the private real estate investment trust has acquired for an undisclosed price. The 80,000-square-foot facility is leased to International Paper.
The DI Wire (free registration) (5/15) 
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Black Creek Diversified Property Fund announces office property sale
Black Creek Diversified Property Fund has announced the sale of a 263,000-square-foot San Francisco office property for $191.5 million. The real estate investment trust acquired the Class A office property for about $109.7 million in November 2013.
The DI Wire (free registration) (5/13) 
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Inland Real Estate Investment Corporation (“Inland Investments”), part of The Inland Real Estate Group of Companies, Inc.,* and its affiliates sponsor commercial real estate investment programs for retail, accredited and institutional investors including non-traded real estate investment trusts (REITs), private placement programs and institutional capital funds. Inland Securities Corporation, member FINRA/SIPC, is the exclusive dealer manager for real estate investment programs offered by Inland Investments and its affiliates.
Policy Update
SEC's Clayton: Reg BI must preserve retail investors' choice
When it's enacted in its final form, the Securities and Exchange Commission's Regulation Best Interest must preserve retail investors' ability to choose the investment relationship model that suits them best, SEC Chairman Jay Clayton says. Some clients will benefit most from an asset-based fee model, while others will get the most value from a commission model, he says.
Pensions & Investments (free access for SmartBrief readers) (5/13) 
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SEC worried about insufficient compliance spending
Financial firms' compliance budgets are being cut at a time when some companies already aren't allocating sufficient resources to compliance, says Pete Driscoll, director of the Securities and Exchange Commission's Office of Compliance Inspections and Examinations. "We cannot underscore enough a firm's continued need to assess whether its compliance program has adequate resources to support its compliance function," he says.
InvestmentNews (tiered subscription model) (5/13) 
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2 senators propose retirement bill
Retirement legislation is getting a lot of attention on Capitol Hill, and the newest proposal brought into the debate is the Retirement Security and Savings Act, sponsored by Sens. Rob Portman, R-Ohio, and Ben Cardin, D-Md. The proposal has more than 50 provisions that Portman and Cardin say would improve America's retirement system.
PlanAdviser online (5/14) 
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Survey: Economists split on Fed's next interest-rate move
Economists are largely split over which direction the Federal Reserve will go with its next interest-rate move, with 51% expecting a cut and 49% predicting an increase, a survey of economists shows.
The Wall Street Journal (tiered subscription model) (5/9) 
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IPA Member Information
Don't miss AltsEDGE and WIN Forum! June 17 to 19 in Chicago
The IPA AltsEDGE series offers immersive education and practice management solutions for the registered investment advisor community on the dynamic and growing universe of alternative investments, including nonlisted REITs, QOZ Funds and private equity. We'll cover portfolio construction and endowment-style investing, compliance best practices, due diligence considerations, and technology solutions for effective client onboarding and business growth.

The IPA's 7th annual Women's Initiative Network (WIN) Forum will bring together leaders from across the financial-services industry for an interactive networking forum to discuss new perspectives on business leadership and inspire the next generation. The IPA WIN Forum spotlights the influence of women professionals, recognizes their incredible achievements and promotes diversity in the financial-services industry.

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I've never really taken anything very seriously. I enjoy life because I enjoy making other people enjoy it.
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About IPA
The Institute for Portfolio Alternatives (IPA) provides national leadership for the Portfolio Diversifying Investments (PDI) industry. We bring together the investment managers, broker-dealers, investment advisers and industry service professionals - new and established - who are dedicated to driving transparency and innovation in the marketplace. Through advocacy and industry-leading education, we are committed to ensuring all investors have access to real assets and the opportunity to effectively balance their investment portfolios.

The IPA seeks to raise awareness of PDI products among stakeholders and market participants, including: investment advisers, public policymakers and the investing public. We support increased access to investment strategies with low correlation to the equity markets: lifecycle real estate investment trusts (Lifecycle REITs, net asset value REITs (NAV REITs), business development companies (BDCs), interval funds and direct participation programs.

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