- June 18, 2019
Cresset-Diversified QOZ Fund and Hines announce plans to build a 392-unit multifamily development in Denver’s RiNo neighborhood
North Wynkoop will be among the first projects built in a Qualified Opportunity Zone in Denver
Representing one of the first Qualified Opportunity Zone (QOZ) investments in the Denver area, the Cresset-Diversified QOZ Fund and Hines announced today plans to build North Wynkoop, an 11-story, for-rent multifamily community. It will feature 392 luxury urban-style residences on the northern edge of Denver’s River North neighborhood (RiNo). RiNo is one of Denver’s prime cultural, dining and nightlife destinations and is located in close proximity to both the city’s light rail system and major thoroughfares.
North Wynkoop is part of a larger master redevelopment plan that will include a boutique hotel, office building, retail and a 4,000-seat AEG Live event center, which will open in August.
Construction on North Wynkoop is expected to begin in the first quarter of 2020 and represents the second joint venture between the Cresset-Diversified QOZ Fund and Hines. Earlier this year they announced the fund’s first development, The Preston, which is a 46-story luxury for-rent tower in downtown Houston that is now under construction.
The Cresset-Diversified QOZ Fund is a $500 million fund focused on investing in QOZs. Passed as part of the Tax Cuts and Jobs Act of 2017, QOZs are land tracts designated by the U.S. Treasury Department and Internal Revenue Service. To incentivize private investment in these communities, the QOZ legislation creates sizable tax breaks for investors who make qualified long-term investments that have the potential to promote economic growth in these zones.
In addition to North Wynkoop and The Preston, the Cresset-Diversified QOZ Fund currently has properties under development in Portland, Nashville and several other markets.
“North Wynkoop is the second of many great opportunities the Cresset-Diversified QOZ Fund is pursuing. It represents a top-quality real estate property in Denver, one of the fastest growing urban areas in the United States, with a leading developer in Hines,” said Avy Stein, Co-Founder of Cresset. “Adding in the tax benefits of the QOZ, we became even more excited about this property. We believe it is an excellent second investment for the Fund.”
With an experienced investment team, the Cresset-Diversified QOZ Fund seeks to generate attractive returns enhanced by potential tax benefits, including deferral and reduction. 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 or to share potential QOZ investment opportunities, contact Oliver Rose at firstname.lastname@example.org.
About Cresset-Diversified QOZ Fund
Cresset Partners and Diversified Real Estate Capital launched the Cresset-Diversified QOZ Fund in the Fall of 2018, which invests in Qualified Opportunity Zones across the United States with the goal of creating positive and measurable social impact and the potential for substantial risk-adjusted, tax-advantaged returns. The Cresset-Diversified QOZ Fund is raising $500 million in capital commitments. 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.