Crosland Divests Operating Divisions, Sells Development Arm to Ravin
- Jul 14, 2011
Charlotte, N.C.—Crosland has decided to divest its current operating divisions, as part of a strategy to maximize the value of its portfolio by focusing on asset management and financial oversight of its current assets.
Completed divestitures include Crosland’s market-rate residential development and construction divisions, which have gone to Ravin Partners, LLC, and Florida community land development, which has gone to Reader & Partners LLC.
Of the strategy, Crosland President Adam Ford tells MHN, “Market opportunities for new development remain very limited. That dynamic, as well as continued constraints in the capital markets, were the driving force for Crosland to focus our resources and tailor our personnel to management of the existing portfolio.”
Ravin has built more than 20,000 multifamily units across the Southeast, with several new projects in the works throughout North Carolina and Virginia, including mixed-use and urban infill developments. Thus the purchase of Crosland’s development and capabilities falls in step with the company’s trajectory.
Ravin Partners will operate its construction arm under the new name of CAP Construction and will offer services to third-party developers.