March 3, 2020
Cresset and Diversified Real Estate Capital closed on their first Qualified Opportunity Zone (QOZ) fund, the Cresset-Diversified QOZ Fund, after raising $465 million in capital needed for the portfolio and the seven underlying projects across high-growth markets nationally.
Capitalizing on the success of Fund I, the Chicago-based Cresset-Diversified partnership will launch a follow-on fund.
“When the Opportunity Zone program was first announced, we knew it represented a unique opportunity for investors to utilize their capital gains in a tax-efficient manner while also having an impact on communities across the country in need of economic development,” said Avy Stein, Cresset founder and co-chairman.
“I’m thrilled to see more and more investors and developers recognizing the impact of the program and look forward to seeing what the coming years bring as we continue developing our Fund I projects and begin raising and investing with Fund II,” Stein continued.
For comments, questions or concerns, please contact Paul Bubny