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Cresset Real Estate Partners has formed a joint venture with KETTLER and a private individual to develop Gasworx W2, a 390-unit mid-rise community in Tampa, Fla. The project will take shape within a qualified opportunity zone. The development is part of Cresset’s second Qualified Opportunity Zone fund—Cresset Diversified QOZ Fund II. In 2022, the fund closed with more than $650 million in equity commitments. Overall, the investment vehicle garnered more than $1.2 billion since the inception of its first fund in 2018.