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Chicago & Midwest  + Illinois  + Opportunity Zones  | 

Cresset-Diversified Closes QOZ Fund at $465M

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

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