Washington Property Co. (WPC) has broken ground for its $163 million Solaire 8200 Dixon, a 403-unit, 26-story apartment tower in the Ripley District of downtown Silver Spring, Md. Clark Construction Company is on track to deliver the first apartments in mid-2022.
WPC has partnered with the Cresset-Diversified QOZ Fund to provide equity for the project. This fund is a joint venture between Cresset Partners and Diversified Real Estate Capital, both of Chicago, which earlier this year closed a $470 million fund to invest in real estate projects located in qualified opportunity zones. Solaire 8200 Dixon is one of the seven projects included in the fund.
WPC also has closed a $92 million construction loan from New York City–based AXA Equitable Life Insurance Company. The total development cost is $163 million.
“We are excited to be partnering with WPC on the development of this project," said Nick Parrish, managing director of Cresset Partners. “Our fund
