Cresset-Diversified QOZ Fund, an opportunity zone fund sponsored by Cresset Partners and Diversified Real Estate Capital, has three new real estate projects planned in Portland, Nashville, and Omaha opportunity zones.
To date, the fund has secured more than $325 million in investor commitments and claims to be among the largest to deploy capital into opportunity zones.
Eleven West is a 24-story, multifamily/office development located in Portland, Oregon. The property will be the tallest mixed-use building in the West End area of downtown Portland and is being developed in partnership with the Downtown Development Group (the Goodman family).
T3 Finery is a mixed-use (multifamily, office, retail) development by Hines located in Nashville, Tennessee’s Wedgewood-Houston area. The project will include designed office buildings with timber construction, 320 residential units, a village green concept with retail surrounding the area, structured parking, a concert venue, hotel and additional entertainment.
The Mercantile is a mixed-use project (multifamily/retail) located in Omaha, Nebraska’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 various infrastructure improvements by the city.
To round out the seven investments by the Fund, the Cresset-Diversified team has two additional projects under letter of intent in the Washington D.C. metro area and the Carolinas.
The Cresset-Diversified QOZ Fund targets real estate investments in major urban markets across the United States, investing in joint ventures with what it deems as “respected developers.”
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.