395-Unit Complex in Englewood, Colorado marks Continued Success
Within Cresset's Growing QOZ Portfolio
CHICAGO, June 11,
2024 /PRNewswire/ -- Cresset Real Estate
Partners today announced the formation of a joint venture with
EMBREY to develop a 395-unit multi-housing development in
Englewood, Colorado, consisting of
a 361-unit mid-rise apartment building and seven townhome buildings
consisting of 34 townhome units in total. The project is the most
recent in Cresset's second Qualified Opportunity Zone fund, Cresset
Diversified QOZ Fund II ("Fund II").
The development, which is expected to break ground this month,
has a projected completion date of 1Q 2027 and is located in the
City of Englewood, about nine
miles south of Denver's Central
Business District with easy access to the largest employment
centers in the area.
Located at 4150 South Navajo, the project will cover more than
353,000 square feet, with 25 studio apartments, 252 one-bedrooms,
84 two-bedrooms and the aforementioned 34 townhome units, with an
additional 636 parking spots available to tenants.
Within the units, amenities include stainless steel appliances,
quartz countertops, and keyless entry, among other modern
accommodations. The development additionally boasts a fitness
center, rooftop lounge, resort-style pool, an outdoor courtyard and
dog park, a wi-fi lounge with micro-offices, a game room, and
storage rooms.
"Englewood's continued
population growth has made it one of the best places to live in the
Denver metro area, and this
project should help foster that growth moving forward," said
Jason Ross, Managing Director at
Cresset Real Estate Partners. "Combined with our past efforts
nationwide within our QOZ funds, we're proud to partner with EMBREY
and include the Englewood project
as another exciting portfolio investment in a uniquely viable and
growing community."
In addition to its proximity to Denver's employment centers, the Englewood development also boasts proximity to
local retail and entertainment options along South Broadway, with
restaurants, breweries and coffee shops, and a vibrant music scene,
all within a 15-minute bike ride.
"EMBREY is known for building the highest quality and highly
desirable residential communities," said Jimmy McCloskey, Executive Vice President for
Development for EMBREY. "As we celebrate our 50th year
in business, we also celebrate strong business relationships, like
the one we have with Cresset Real Estate Partners, which are part
of the keys to our success."
The Englewood venture marks the
second in the last month within Cresset Real Estate Partners' QOZ
Fund II, as the firm announced in Mid-May a separate venture to
develop a mid-rise apartment building in Tampa, Florida .
QOZ Fund II closed in 2022 with more than $650 million in equity commitments, coinciding
with the opening of Cresset-Diversified Qualified Opportunity Zone
Fund III ("Fund III"). Cresset's QOZ platform has committed more
than $1.2 billion in equity
investments since the launch of its first QOZ fund in March 2018. Resulting projects from these
investments have covered more than six million square feet and over
$3 billion in total project costs
across the United States.
The Englewood project
partnership with San Antonio-based
EMBREY Partners will be contracted and built by EMBREY's
subsidiary, EMBREY Builders. The EMBREY entity ranks as the
second-largest developer in metro Denver over the last 10 years and the
fifth-largest overall.
The debt and equity for the project were sourced by Robert Wooten and Kristian Lichtenfels of JLL Capital Markets, a
leading global commercial real estate and investment management
company.
About Cresset Partners
Cresset Partners is a private investment firm
focused on providing its investors with direct access to
opportunities in real estate, private credit, private equity, and
venture capital. We focus on building outstanding, lasting
partnerships by investing long-term capital, resources, and
expertise to create sustainable value. We believe that long-term
investing creates better alignment and reduces risk and
inefficiencies, leading to better outcomes for all stakeholders.
Cresset Partners was founded in 2018 and has more than $3.6
billion in committed capital. Learn more
at https://cressetpartners.com.
About EMBREY Partners
San Antonio-based EMBREY is a
vertically integrated real estate investment company that develops,
builds, acquires, owns and manages multifamily communities and
commercial assets in select markets throughout the United States. In 2024, EMBREY celebrates
its 50th year in business with 50,000 multifamily units and more
than six million square feet of commercial property completed in
its history. As a leading developer in the multifamily sector, the
company has more than 6,000 units under construction or in
development. www.EMBREY.com
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial
real estate and investment management company, has helped clients
buy, build, occupy, manage and invest in a variety of commercial,
industrial, hotel, residential and retail properties. A Fortune
500® company with annual revenue of $20.8 billion and operations in over 80 countries
around the world, our more than 106,000 employees bring the power
of a global platform combined with local expertise. Driven by our
purpose to shape the future of real estate for a better world, we
help our clients, people and communities SEE A BRIGHTER
WAYSM . JLL is the brand name, and a registered
trademark, of Jones Lang LaSalle Incorporated. For further
information, visit jll.com.
Media Contact:
Michael Persak
mike@waterandwall.com
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SOURCE Cresset Partners