Cresset enters JV with Level 2 Development and SJG Properties

Cresset Partners has formed a joint venture with Level 2 Development and SJG Properties to develop The Ace Apartments, a new mid-rise residential building in Richmond, Va. This will be the first project in Cresset’s third qualified opportunity zone fund, Cresset Diversified QOZ Fund III.

Groundbreaking is expected in third quarter 2023. Located in the Scott’s Addition Historic District, The Ace offers convenient access to the diverse Richmond employment base, Interstates 195, 64, and 95, as well as West Broad Street, a major east-west artery serving Richmond and the surrounding area.

Just three miles from downtown Richmond, the 1.7-acre, $98 million project is near multiple retail and entertainment amenities and will feature 295 luxury studio, one-, and two-bedroom apartments, averaging 753 square feet per unit. The units will include top-of-market finishes, including stainless-steel appliances, quartz countertops, and large sunlit windows, as well as balconies in