{"id":1004397179,"date":"2020-03-03T06:21:04","date_gmt":"2020-03-03T14:21:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004397179"},"modified":"2020-03-03T06:21:04","modified_gmt":"2020-03-03T14:21:04","slug":"qualified-opportunity-zone-fund-closes-at-465m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/","title":{"rendered":"Qualified Opportunity Zone Fund Closes at $465M"},"content":{"rendered":"
\"\"<\/a>

The Preston. Image courtesy Cresset Partners<\/em><\/p><\/div>\n

Cresset Partners and Diversified Real Estate Capital have closed Cresset-Diversified QOZ Fund, the companies’ first Qualified Opportunity Zone fund, having raised $465 million in capital commitments. The investment vehicle’s success has also prompted the launch of a follow-on fund, Cresset-Diversified Qualified Opportunity Zone Fund II.<\/p>\n

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READ ALSO<\/strong>: Keys to Opportunity Zone Development Success<\/a><\/p>\n

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Cresset and Diversified were at the forefront of the federally designated QOZ program<\/a> when they launched Fund I in December 2018. The vehicle garnered interest from a diverse crowd that included single family offices, real estate investors, entrepreneurs, corporate executives and legal professionals. With an eye on well-positioned urban neighborhoods in high-growth markets across the U.S.., Fund I is investing in seven core real estate developments in the multifamily, office and ground-level retail sectors. Cresset-Diversified partnered with Hines on four of the projects, including the inaugural development, The Preston, a 373-unit, Pelli Clarke Pelli-designed residential high-rise with ground-level retail already underway in downtown Houston. According to the LOCUS National Opportunity Zone Ranking Report<\/a><\/em>, downtown Houston ranks in the top 10 of the 30 leading metro areas for opportunity zone multifamily development based on smart growth potential.<\/p>\n

Fund I’s three remaining projects are joint venture endeavors with leading developers DDG & Gerding Edlen, Washington Property Co. and Lennar. The Fund I investments share a common financial foundation, as they are all supported by low leverage, which produces an attractive risk-adjusted return and paves the way for potential refinancing upon project completion and stabilization.<\/p>\n

Going for seconds<\/strong><\/h2>\n

Fund II, patterned after Fund I, is concentrating on high-growth urban markets for office, multifamily and retail investment in collaboration with top developers. There are, however, a few changes with the follow-on fund, most notably the increased capital raise goal of up to $750 million. Additionally, Fund II will pursue as many as nine projects and will expand its sector focus to include industrial. While Cresset-Diversified has not yet made any firm commitments under the second vehicle, it has identified projects for consideration, including mixed-use, multifamily, retail and office pursuits in top-tier markets from the West Coast to the East Coast and points in between.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cresset Partners and Diversified Real Estate Capital are riding the wave of the successful capital raise with the launch of a follow-on vehicle.<\/p>\n","protected":false},"author":969,"featured_media":1004397239,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742],"tags":[39300,32797,34973,43688,34918,34780],"class_list":["post-1004397179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","tag-diversified-real-estate-capital","tag-hines","tag-lennar-corporation","tag-opportunity-zones","tag-pelli-clarke-pelli-architects","tag-washington-property-company"],"acf":[],"yoast_head":"\nQualified Opportunity Zone Fund Closes at $465M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qualified Opportunity Zone Fund Closes at $465M\" \/>\n<meta property=\"og:description\" content=\"Cresset Partners and Diversified Real Estate Capital are riding the wave of the successful capital raise with the launch of a follow-on vehicle.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-03T14:21:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/The-Preston-Houston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/\",\"name\":\"Qualified Opportunity Zone Fund Closes at $465M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/The-Preston-Houston.jpg\",\"datePublished\":\"2020-03-03T14:21:04+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/qualified-opportunity-zone-fund-closes-at-465m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/The-Preston-Houston.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/03\/The-Preston-Houston.jpg\",\"width\":800,\"height\":620,\"caption\":\"The Preston. 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