Transactions - FEBRUARY 11, 2019

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Hines to cash in on opportunity zones program for new downtown project

by Andrea Zander

Hines, with investment partners Cresset Wealth Advisors and Levy Family Partners, revealed plans for The Preston in Houston, which will be funded by a qualified opportunity zone fund. Hines has formed a joint venture with the Cresset-Diversified QOZ Fund.

“Partnering with Hines on The Preston is a great example of our fund investment model: working with top-rated developers in the United States on high-quality projects in prime locations in major markets,” said Larry Levy of Diversified Real Estate Capital.

The Preston is the 10th collaboration nationally between the leaders of Diversified Real Estate Capital and Hines, and it represents Hines’ 30th downtown Houston project.

The AA+ residential building will have 373 apartments and 6,804 square feet of street-level retail. Units will feature 10-foot ceilings, engineered wood flooring and Italian wood cabinetry. In addition, the Preston will feature a 24-hour concierge and valet, state-of-the-art fitness ce

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