Crescent Communities Completes Sales of Two Multi-Family Properties to Berkshire Group Affiliate
- Jan 08, 2015
By Adriana Pop, Associate Editor
Charlotte-based Crescent Communities recently sold the 303-unit Crescent Ninth Street apartment complex in Durham.
According to the Triangle Business Journal, a Berkshire Group affiliate paid $77 million, or approximately $254,000 per unit, to acquire the property. In another recent transaction, the company purchased the 282-unit Crescent Cameron Village apartment community on Oberlin Road in Raleigh, also from Crescent Communities. This asset sold for a record $76.8 million, or $272,000 per unit, which equates to about the same amount for which a single-family home sold in Wake County during the month of November.
The two transactions are part of a nine-property portfolio sale of sustainable, amenity-rich apartment complexes developed by Crescent Communities in the Southeast. Berkshire’s affiliates are expected to acquire six of these assets, including Crescent Main Street in Durham later this year.
These deals in fact mark the third and fourth transactions of Crescent’s portfolio sale and the second and third acquisition by Berkshire’s affiliates, which closed on the purchase of Crescent Terminus in Atlanta’s popular Buckhead neighborhood in December. Another buyer, UBS Global Asset Management, purchased Crescent Bayshore on Tampa’s premier waterfront Bayshore Drive in October.
Crescent’s remaining five multi-family properties included in the portfolio sale are:
- Crescent Central Station, Orlando, Fla.
- Crescent Dilworth, Charlotte, N.C.
- Crescent Howell Mill, Atlanta, Ga.
- Crescent Main Street, Durham, N.C.
- Crescent SouthPark, Charlotte, N.C.
“Our vision as a real estate development company is to build properties that offer long-term value to our investors and residents,” Crescent Multifamily President Brian Natwick said in a news release. “Our continued focus on dynamic high-growth markets such as Raleigh-Durham is a reflection of our strategic plan and the opportunities we see for sustainable community building.”
Photo credits: Crescent Communities