Clarion Partners, Vermilion Development and Quartz Lake Capital Open 309-Unit Multifamily Community in Madison, Wisconsin

Clarion Partners, Vermilion Development and Quartz Lake Capital have opened The Duncan, a 309-unit multifamily community at 1625 Lock Lane in Madison, Wisconsin, the firms announced. The waterfront development is situated within a federally designated Opportunity Zone near historic Tenney Park and Lake Mendota.

The Duncan was designed by architect Potter Lawson and constructed by general contractor McShane Construction Company. CIBC is the lender on the project, and Greystar has been named property manager.

Property Details and Amenities

The community offers 309 apartment homes in a mix of studio, one-, two- and three-bedroom floor plans, including townhome options. Units feature open-concept layouts, and many residences offer views of the Wisconsin State Capitol Building, Tenney Park or Lake Mendota. The property overlooks Lake Mendota and sits across from Tenney Park, providing residents with access to outdoor recreation and proximity to downtown Madison.

Community amenities include a fitness center, club room, co-working space, sky lounge with outdoor terrace, heated vehicle and bike parking, an outdoor amenity area with fire pits and grilling stations, a fenced dog run and community gardens.

Partnership and Investment Strategy

The three-firm partnership reflects a stated focus on well-located housing in markets with strong demand and limited supply. Clarion Partners is a real estate investment manager and partially owned subsidiary of Franklin Templeton. Vermilion Development is a full-service real estate investment and development company, and Quartz Lake Capital is a private equity real estate investor and manager.

"The Duncan reflects our continued conviction in high-quality housing located in markets supported by strong fundamentals and enduring resident appeal," said Jason Glasser, Managing Director at Clarion Partners. "With its idyllic waterfront setting and access to the broader Madison area, the community is well positioned to meet the needs of today's renters."

"The Duncan represents the kind of placemaking we strive for—thoughtfully designed housing that is connected to its surroundings and enhances the resident experience," said Dave Cocagne, President and CEO of Vermilion Development. "Its setting near the water, the park, and downtown Madison creates a compelling lifestyle offering, and we're proud to bring this community to market."

Project Team

• Developer: Vermilion Development
• Equity Partners: Clarion Partners, Quartz Lake Capital
• Architect: Potter Lawson
• General Contractor: McShane Construction Company
• Lender: CIBC
• Property Manager: Greystar

Sources: Clarion Partners – The Duncan Opening Announcement