Crescent’s Sales Hit High Water Marks

Crescent sold three apartments for $170.6 million, setting high-water sales marks in Tampa, Fla., Charlotte, N.C. and Nashville, Tenn.
crescent cool springs

Crescent Cool Springs

Nashville, Tenn.—Crescent Communities has sold three multifamily properties in Nashville, Tenn., Charlotte, N.C., and Tampa, Fla., for a combined $170.6 million, setting high-water sales marks in each of their respective submarkets.

Crescent Communities developed Crescent Cool Springs in Nashville, Crescent Alexander Village in Charlotte and Crescent Crosstown Properties in Tampa with joint venture partner CNL Growth Properties Inc. Overall, the three communities have a combined total of 916 units, representing a sale price of $186,244 per unit.

“The sale of these properties will allow us to reinvest capital for future developments as we continue to expand our multifamily presence in the Southwest, Southeast and Mid-Atlantic states,” said Brian Natwick, president of Crescent’s multifamily division. “The result of our investment-oriented focus is that these emerging U.S. markets have paid off for residents, investors and our company.”

According to Todd Mansfield, president and CEO of Crescent Communities, the transactions are a testament to investor appetite in secondary and tertiary markets across the southeastern United States.

“These transactions validate the continued appetite from investors seeking financially sustainable investments in real estate,” he said.

Crescent project locations are carefully selected, and designed based on the regional influences and lifestyles of area residents, ensuring they remain relevant and attractive to residents for years to come.

“This transaction is a reflection of the company’s position as an industry leader in developing world-class communities that capture the housing and lifestyle preferences of today’s consumers,” Natwick said. “Buyers have found that the opportunity to invest in quality properties in some of the nation’s highest growth markets makes Crescent’s properties especially appealing.”

With a focus on the Southeast, Southwest and Mid-Atlantic states, Crescent’s footprint spans emerging U.S. markets and submarkets projected to capture more than half of the nation’s population and employment growth through the end of the decade. Last year, Crescent sold a portfolio of multifamily communities across the Southeast for $700 million.