June 11, 2024, Chicago, /PRNewswire/ — Today, Cresset Real Estate Partners and EMBREY announced the creation of a joint venture to build a 395-unit multi-housing development in Englewood, Colorado. The development will consist of seven townhome structures, totaling 34 townhome apartments, and a 361-unit mid-rise apartment building. The project is the most recent in Cresset Diversified QOZ Fund II (“Fund II”), the company’s second Qualified Opportunity Zone fund.
The development, which is scheduled to begin construction this month, is slated to be completed in the first quarter of 2027. It is situated in the City of Englewood, approximately nine miles south of Denver’s Central Business District, and offers convenient access to the region’s major employment hubs.
Among the contemporary features found within the apartments are quartz worktops, stainless steel appliances, and keyless entry. In addition, the complex has a game room, storage rooms, a wi-fi lounge with micro-offices, a rooftop lounge, a resort-style pool, an outdoor courtyard, and a dog park.
According to Jason Ross, Managing Director at Cresset Real Estate Partners, “Englewood’s continuous 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 going forward.” “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.”
The Englewood property is not only close to Denver’s job hubs but also to South Broadway’s local shopping and entertainment options, which include eateries, coffee shops, breweries, and a thriving music scene—all within a 15-minute bike ride.
“EMBREY is renowned for creating the best and most sought-after residential communities,” EMBREY Executive Vice President for Development Jimmy McCloskey stated. “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 company announced a second venture in mid-May to develop a mid-rise apartment complex in Tampa, Florida. The Englewood initiative is the second within Cresset Real Estate Partners’ QOZ Fund II in the last month.
With over $650 million in committed equity, QOZ Fund II ended in 2022, the same year that Cresset-Diversified Qualified Opportunity Zone Fund III (“Fund III”) opened. Since the first QOZ fund was introduced in March 2018, more than $1.2 billion in equity investments have been made using Cresset’s QOZ platform. Over six million square feet and over $3 billion in total project expenditures have been paid by the projects that have resulted from these investments across the United States.
EMBREY Builders, a subsidiary of EMBREY, will be hired to carry out the construction of the Englewood project in collaboration with San Antonio-based EMBREY Partners. After ten years, the EMBREY company is the second-largest developer in metro Denver and the fifth-largest overall.
Robert Wooten and Kristian Lichtenfels of JLL Capital Markets, a renowned international provider of investment management and commercial real estate, sourced the project’s financing and equity.
Concerning Cresset Partners
Cresset Partners is a private investment company that aims to provide its investors first dibs on opportunities in venture capital, private equity, real estate, and private credit. Our primary goal is to establish enduring relationships through the long-term investment of capital, resources, and skills to generate sustainable value. We think that investing for the long term improves alignment, lowers risk, and eliminates inefficiencies, which benefits all parties involved. Founded in 2018, Cresset Partners has committed funds over $3.6 billion. Visit https://cressetpartners.com to find out more.
Concerning EMBREY Partners
Based in San Antonio EMBREY is a vertically integrated real estate investment firm that creates, constructs, buys, owns, and manages commercial assets and apartment buildings in certain US cities. EMBREY will commemorate its 50th anniversary in 2024, having completed the construction of more than six million square feet of commercial space and 50,000 multifamily units. The firm is a prominent multifamily developer, with over 6,000 units now under construction or development. EMBREY.com
Concerning JLL
Leading worldwide provider of commercial real estate and investment management services, JLL (NYSE: JLL) has assisted clients in the purchase, development, occupation, management, and investment in a range of commercial, industrial, hotel, residential, and retail assets for more than 200 years. With operations in more than 80 countries and a $20.8 billion annual revenue, our Fortune 500® firm employs more than 106,000 people who unite the strength of a global platform with local knowledge. Motivated by our vision to create a better world through real estate, we assist our clients, individuals, and communities in SEEING A BRIGHTER WAYSM. Jones Lang LaSalle Incorporated uses the brand name JLL, which is also a registered trademark. Go to jll.com for additional details.
