Cresset-Diversified QOZ Fund Announces Three New Real Estate Investments in Portland, Nashville, and Omaha
CHICAGO--(BUSINESS WIRE)--Nov 12, 2019--
At the Cresset-Diversified QOZ Fund annual meeting, the Fund announced three new real estate investments in Portland, Nashville, and Omaha. To date, Cresset-Diversified has secured more than $325 million in investor commitments. The Fund is among the largest to deploy capital into Opportunity Zones.
In addition to the investments already announced in Houston and Denver, the Cresset-Diversified QOZ Fund has added the following projects in Portland, Nashville, and Omaha:
ELEVEN WEST - Portland, OR, Multi-Family, Office: Rising 24 stories, Eleven West will be the tallest mixed-use building in the West End area of downtown Portland. It will include multi-family apartments and will also offer unique, highly desirable office space for the Portland market. Eleven West is being developed in partnership with the Downtown Development Group (the Goodman family) and is located within the #1-rated QOZ census tract in the country as identified by SmartGrowth.
T3 FINERY - Nashville, TN, Multi-Family, Office, Retail: The T3 Finery development by Hines is located in Nashville’s Wedgewood-Houston area, known as the creative hub of Nashville, with a walkable neighborhood and an artistic spirit. This project will include purposefully designed office buildings with timber construction, 320 residential units, a village green concept with retail surrounding the area, structured parking, state-of-the-art concert venue, boutique hotel and additional entertainment.
THE MERCANTILE - Omaha, NE, Multi-Family, Retail: The Mercantile is a mixed-use project in the heart of Omaha’s Central Business District on a portion of the existing Conagra campus. The development by Hines is adjacent to the Old Market area and will include 375 apartments and 40,000 square feet of retail. Additional concurrent developments by others include a new hotel and $36 million of infrastructure improvements by the city of Omaha, including a new boulevard and public parking deck to complement the existing bicycle and running track around the large lake adjacent to the site.
To round out the seven investments by the Fund, the Cresset-Diversified team has two additional projects under letter of intent (LOI) in the Washington D.C. metro area and the Carolinas.
The Cresset-Diversified QOZ Fund targets superior real estate investments in major urban markets across the United States, investing in joint ventures with respected developers. The Fund’s developments are designed to create and sustain long-term value for investors, as well as create both construction and permanent jobs by substantially improving the designated Opportunity Zones.
The Cresset-Diversified QOZ Fund has partnered with well-known developers and families, including Hines in Houston, Denver, Nashville, and Omaha.
“Cresset-Diversified’s ability to honor its commitments, as well as their outstanding real estate expertise, has attracted Hines to partner with their team for our projects in Opportunity Zones,” said C. Kevin Shannahan, CEO, Hines Midwest & Southeast Regions. “Our confidence has been validated by their professional approach and impressive fundraising results.”
Cresset-Diversified QOZ Fund’s expert team seeks to generate attractive returns enhanced by the QOZ legislation’s significant tax benefits, including deferral, reduction, and elimination of certain capital gains taxes. Cresset-Diversified will accept additional general fund investors and has limited availability for co-investments directly into its seven projects. The Fund’s investment teams are led by a group of seasoned real estate and private equity professionals supported by legal, tax, and accounting experts.
For press inquiries, to share potential QOZ investment opportunities, or to learn about investing in the Cresset-Diversified QOZ Fund, contact Oliver Rose at firstname.lastname@example.org.
About the Cresset-Diversified QOZ Fund
Cresset Partners and Diversified Real Estate Capital launched the Cresset-Diversified QOZ Fund in the fall of 2018 and closed the first investment in December of 2018. The Fund invests in Qualified Opportunity Zones across the United States with the potential for substantial risk-adjusted, tax-advantaged returns. Executive team members Eric Becker, Avy Stein, Larry Levy, Jeffrey Cherner, and Michael Miller leverage their experience to identify prime QOZ opportunities and act quickly to creatively structure transactions. The Fund seeks to create institutional-quality assets focused on office, retail, multifamily, industrial, residential, and mixed-use properties in QOZs.*
*The contents hereof are not to be used as the basis for making any investment decision and are not a recommendation of, or solicitation for, the subscription, purchase, or sale of any security, including the fund mentioned herein.
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CONTACT: Casey Sheets
KEYWORD: TENNESSEE ILLINOIS NEBRASKA OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE FINANCE CONSTRUCTION & PROPERTY REIT
SOURCE: Cresset-Diversified QOZ Fund
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PUB: 11/12/2019 09:00 AM/DISC: 11/12/2019 09:01 AM