The Preston is the first of many great opportunities the Cresset-Diversified QOZ Fund is pursuing. It represents a top-quality real estate property in one of the fastest growing urban areas in the United States with a leading developer in Hines. Adding in the tax benefits of the qualified opportunity zone, we became even more excited about this property. We believe it is an excellent first investment for the fund.
The Cresset-Diversified QOZ Fund, an opportunity zone fund launched by Cresset Partners and Diversified Real Estate Capital, has formed a joint venture with Hines to develop The Preston, a new residential building located in downtown Houston.The Preston, which represents Hines’ thirtieth downtown Houston project, will be a AA+ residential building with 373 apartments and 6,804 …