SoLa In The News
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
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“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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