395-Unit Complex in Englewood, Colorado marks Continued Success Within Cresset’s Growing QOZ Portfolio
CHICAGO, June 11, 2024 – 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.
