From Ambiguity to Permanence: The New Era of Opportunity Zone Investing - Jeff Feinstein - Founder and Managing Partner of Pinnacle Partners

Nov 21, 2025

Jeff Feinstein, Founder and Managing Partner of Pinnacle Partners, dives into the transformative world of opportunity zone investing. From his tech roots to real estate, Jeff explains how tax policies shaped his journey. He discusses the evolution of opportunity zones, including the recent OZ 2.0 legislation, highlighting the benefits and risks involved. Jeff shares insights on constructing strong partnerships, the focus on institutional-quality multifamily developments, and the exciting possibilities in rural zones. Tune in for a deep understanding of this evolving investment landscape!

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ANECDOTE

From Tech Exec To OZ Founder

Jeff Feinstein transitioned from a 35-year technology career into real estate after early passive syndication investments.
He co-founded Pinnacle Partners in 2018 to execute on Opportunity Zone legislation with institutional rigor.

INSIGHT

OZ Purpose And Permanence

Opportunity Zones were designed to unlock unrealized gains and drive economic activity in nominated low-income areas.
The program moved from temporary to permanent under the 2025 tax bill, increasing policy stability and demand.

ADVICE

Use OZ 2.0 Timing Strategically

Invest in OZs to secure a five-year deferral and a 10% step-up basis if you invest under the new 2.0 timeline.
Hold long enough to capture tax-free appreciation on the underlying asset after the required period.

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Jeff Feinstein joins host Brandon Sedloff on The Distribution for a deep dive into the evolution and future of opportunity zone investing. The conversation traces Jeff’s path from a decades-long career in technology to building Pinnacle Partners, a firm dedicated exclusively to opportunity zone development. Jeff explains how tax policy shaped his investing journey, why OZ legislation has become a powerful tool for individual investors, and how Pinnacle structures institutional-quality multifamily and build-to-rent projects across thousands of eligible zones. Throughout the discussion, he highlights the mechanics, benefits, risks, and real-world execution behind ground-up OZ development.

They discuss: • Jeff’s transition from tech operator to real estate fund manager and OZ pioneer • How opportunity zones were created, how they work, and what changed under OZ 2.0 • Why Pinnacle focuses on institutional underwriting, JV partnerships, and multi-asset funds • The role of RIAs, family offices, and private wealth in OZ distribution • What makes a strong or weak development partner in OZ projects • Key risks, real estate fundamentals, and why policy permanence matters • Markets and asset types Pinnacle favors, including workforce housing, BTR, and rural zones

Links:

Pinnacle Partners - https://pinnacleoz.com/

Jeff on Linkedin - https://www.linkedin.com/in/jefffeinstein/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro (00:02:48) - Jeff's career and background (00:08:30) - The role of tax policy in investing (00:11:09) - The launch of Pinnacle Partners (00:13:51) - The evolution of opportunity zones (00:17:07) - How opportunity zones are created (00:20:20) - Pinnacle Partners' strategy and success (00:23:37) - Pinnacle Partners' approach to development (00:25:19) - Capital strategy and fund structure (00:26:46) - Who benefits from opportunity zones? (00:30:25) - Strategies for nurturing investor relationships (00:31:34) - The importance of tax efficiency (00:37:29) - Challenges and opportunities in real estate (00:40:20) - Selecting and evaluating development partners (00:44:26) - Future market trends and investment strategies (00:48:59) - Conclusion and contact information