Clarion Partners, a leading real estate investment manager and partially owned subsidiary of Franklin Templeton, Vermilion Development, a full-service real estate investment and development company, and Quartz Lake Capital, a private equity real estate investor and manager, announce the opening of The Duncan, a 309-unit multifamily community located within a federally-designated Opportunity Zone at 1625 Lock Lane in Madison, Wisconsin.
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The Duncan, located at 1625 Lock Lane in Madison, WI is now open for leasing with a mix of studio, one-, two-, and three-bedroom residences available.
Overlooking Lake Mendota and situated across from historic Tenney Park, The Duncan offers residents a distinctive lakeside living experience with proximity to downtown Madison. The community is designed to connect residents with outdoor recreation, neighborhood amenities and employment centers. The project reflects the partnership’s focus on well-located housing in dynamic, high-demand housing markets.
The Duncan includes 309 apartment homes in a mix of studio, one-, two-, and three-bedroom residences, including townhome options. Homes feature open-concept layouts with elevated finishes, with many residences offering views of the Capitol Building, Tenney Park or Lake Mendota. Community amenities include a fitness center, club room, co-working space, sky lounge with outdoor terrace, heated vehicle and bike parking, an expansive outdoor amenity area with fire pits and grilling stations, a fenced dog run and community gardens.
“The Duncan reflects our continued conviction in high-quality housing located in markets supported by strong fundamentals and enduring resident appeal,” said Clarion Partners Managing Director Jason Glasser. “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 opening of The Duncan adds new housing to one of Madison’s most desirable waterfront corridors, where residents value recreation, connectivity and neighborhood character. With its blend of modern apartment living and proximity to the lake, riverfront, park space, and downtown, The Duncan offers a differentiated residential experience in a market defined by strong demand and limited supply.
“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/CEO of Vermilion Development. “It’s setting near the water, the park, and downtown Madison creates a compelling lifestyle offering, and we’re proud to bring this community to market.”
The Duncan was designed by architect Potter Lawson and constructed by general contractor McShane Construction Company. CIBC is the lender on the project. Greystar is the property manager.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With over $72 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to approximately 500 institutional investors across the globe. Clarion is invested in over 170 properties in areas designated as qualified opportunity zones (QOZs) and owns an additional 730+ properties in submarkets neighboring QOZs as of March 31, 2026. Clarion Partners is an independently managed subsidiary of Franklin Templeton. For more information visit www.clarionpartners.com and follow us on LinkedIn and YouTube.
About Vermilion Development
Founded in 1992, Vermilion Development is a Chicago-based Midwest specialist in community-oriented mixed-use real estate, with a mission to transform underutilized spaces into vibrant, people-first communities. Since its inception, Vermilion Development has completed over $1 billion of development and acquisitions across its three verticals: Public Private Partnerships, Senior Living and Multifamily building value and enriching lives one community at a time. Alongside its sister company Silver Birch Living, Vermilion Development owns and operates 21 assets in Arizona, Illinois, Indiana, Ohio and Wisconsin.
About Quartz Lake Capital
Quartz Lake Capital was formed in 2019 by commercial real estate industry veteran K. Jay Weaver, previously a co-founder of Walton Street Capital. Quartz Lake Capital focuses on value-add and opportunistic equity investments in existing and development assets in primary and liquid secondary markets in the U.S., with a predisposition to urban markets with live/work/play environments and infill suburban submarkets.
Real Estate Investment Risks:
The Fund’s investments are highly concentrated in real estate investments and therefore will be subject to the risks typically associated with real estate, including but not limited to fluctuations in lease occupancy rates and operating expenses, variations in rental schedules, which in turn may be adversely affected by local, state, national or international economic conditions. Such conditions may be impacted by the supply and demand for real estate properties, zoning laws, rent control laws, real property taxes, the availability and costs of financing, and environmental laws.
Furthermore, investments in real estate are also impacted by market disruptions caused by regional concerns, political upheaval, sovereign debt crises, and uninsured losses (generally from catastrophic events such as earthquakes, floods and wars). Investments in real estate related securities, such as asset-backed or mortgage-backed securities are subject to prepayment and extension risks.
Private Market Investments Risks:
An investment in the Fund is suitable only for investors who can bear the risks associated with private market investments (such as private credit and private equity) with potential limited liquidity. Shares will not be listed on a public exchange, and no secondary market is expected to develop.
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