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

Clarion Partners, Vermilion Development and Quartz Lake Capital have officially opened The Duncan, a 309-unit multifamily community at 1625 Lock Lane in Madison, Wisconsin. The partners hosted a ribbon-cutting ceremony on August 13, 2026, which Madison Mayor Satya Rhodes-Conway commemorated by proclaiming the date "The Duncan Day" in the City of Madison.

The development sits on approximately 8.2 acres along Madison's Isthmus within a federally designated Qualified Opportunity Zone, adjacent to Tenney Park and Lake Mendota. JLL sourced the project's equity and debt capital, CIBC served as lender, and Greystar has been appointed property manager. Potter Lawson served as architect and McShane Construction Company served as general contractor.

Property Details and Amenities

The Duncan offers studio, one-, two- and three-bedroom residences, including townhome options, with units ranging from approximately 460 square feet to 2,342 square feet. Many residences feature views of Lake Mendota, Tenney Park or the Wisconsin State Capitol. On-site amenities include two fitness centers, bicycle storage, a pet spa and dog run, purpose-built coworking and breakout spaces, a community garden, heated parking and two rooftop terraces with grills, firepits and lake views.

Residents also have walkable access to Tenney Park, a 37-acre waterfront space offering tennis, pickleball and basketball courts, a boat launch, playgrounds and an ice-skating rink. Sustainability features incorporated into the project include ENERGY STAR appliances, occupancy sensors in applicable common areas, efficient natural-gas water heating and WaterSense plumbing fixtures.

New resident Marwa Shaaban described the setting: "The location has been incredible. Tenney Park is within walking distance, and Lake Mendota is right in our backyard. When my sister visited this summer, we walked out to watch the sunset and she said, 'I didn't know you had heaven in your backyard.' That really captures what it feels like living here. The staff have also been fantastic — they are communicative, accessible and have really helped create a sense of community."

Partners and Capital Structure

Clarion Partners, a real estate investment manager and partially owned subsidiary of Franklin Templeton, joined Vermilion Development and Quartz Lake Capital as equity partners on the project. CIBC provided debt financing, and JLL arranged both the equity and debt for the development. Greystar is managing the property and handling leasing.

Ian McKay, Senior Vice President at Clarion Partners, said the firm is confident residents will benefit from the property's design and amenities. "We're proud to partner with Vermilion and Quartz Lake to bring this beautiful new property to life," McKay said.

Dave Cocagne, President and CEO of Vermilion Development, emphasized the community-building dimension of the project. "Two years ago, this was a vision on paper and a construction site. Today, it is 309 homes," Cocagne said. "But housing is about much more than a unit count. Our mission at Vermilion is to create spaces that enrich people's lives, and The Duncan was designed specifically for Madison — connected to the lake, Tenney Park, trails, bikes and downtown. The most rewarding part begins now, as residents make these spaces their homes and build their lives here."

Alison Gorham, Vice President and Director of Wisconsin Operations at McShane Construction, noted the project represented the firm's first collaboration with Vermilion. "The Duncan is a standout addition to Madison's growing residential market, combining modern amenities with an unparalleled lakeside setting," Gorham said. "As our first project with Vermilion, we are proud to celebrate the strong partnership that brought this project from concept to completion."

Qualified Opportunity Zone Investment and Clarion's QOZ Strategy

The Duncan's location within a federally designated Qualified Opportunity Zone was a key element of the investment thesis. Clarion Partners reports being invested in more than 170 properties located in Qualified Opportunity Zones, with more than 730 additional properties in submarkets neighboring such zones as of June 30, 2026. The firm has positioned its Opportunity Zone program around tax-advantaged returns alongside housing supply in markets with constrained inventory.

Quartz Lake Capital, a private equity real estate investor and manager, also participated as an equity partner on the project.

Madison Housing Market Context and Historic Site

The Duncan adds 309 homes to Madison at a time when the city projects the addition of more than 9,300 households — approximately 18,400 people — by 2030 and has set a goal of creating 15,000 new homes by that date. Madison's multifamily market has seen vacancy rise into the approximately 6% range and rent growth cool to low-single digits, but the metro continues to carry a sizable housing deficit alongside an active construction pipeline, making new residential supply in core neighborhoods a strategic priority.

The site also carries historical significance. On May 14, 1950, President Harry Truman visited the property to dedicate Filene House, then the headquarters of the Credit Union National Association, and spoke about cooperation to address the nation's housing needs. Cocagne acknowledged the breadth of collaboration required to bring the current project to fruition. "The Duncan is the result of an extraordinary amount of collaboration and persistence," he said. "From the City of Madison to our investment, lending, design and construction partners, many people shared the vision for what this property could become. We are grateful to everyone who helped take The Duncan from an idea to a drawing to a construction site — and now, most importantly, to a place people call home."

Leasing is underway. Prospective residents can contact theduncanmgr@greystar.com or visit theduncanmadison.com for more information.

Sources: Clarion Partners – The Duncan Grand Opening