ATLANTA—Charlotte, NC-based CrescentCommunities reports it has closed on the sale of itsCrescent Terminus luxury apartment community inBuckhead to an affiliate of the Berkshire Groupbased in Boston.

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No financial terms of the transaction were disclosed. The dealcompletes the second sale in a portfolio of nine multi-familyproperties developed by Crescent. In October, Crescent Communitiescompleted the sale of Crescent Bayshore, a 367-unit apartmentcommunity in downtown Tampa, to UBS Global Asset

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“Crescent Communities' defining mission is to better people'slives by building world-class communities that are fiscally andenvironmentally sustainable,” says Todd Mansfield,president and CEO of Crescent Communities. “Terminus demonstratesCrescent's signature approach to creating exceptional value: wetook the time to identify an extraordinary site, and then used ourconsumer-driven research to develop visionary designs that offerresidents the vibrant, affordable and walkable community they wereseeking.”

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The 355-unit Crescent Terminus Community features studio,one-bedroom and two-bedroom floor plans. The three-building complexincludes two rooftop terraces, each with an outdoor fireplace,outdoor TV and seating; a saltwater resort-style pool with aquasundeck; outdoor kitchen with grilling stations and a fire pitlounge; and a tech lounge with Mac stations, wireless printing anda coffee bar.

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The 100% smoke free community is pursuing Bronze LevelCertification under the requirements of the ICC 700 National GreenBuilding Standard.

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Crescent currently has approximately 4,000 units underconstruction and another 5,000 in predevelopment, representingapproximately $725 million of debt and equity capital dedicated tocreating a portfolio of sustainable multi-family communities.

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Crescent Bayshore, with 367 units in downtown Tampa, waspurchased by UBS in the first closing of Crescent's nineproperties, which comprise a total of 2,667 units with a totalgross purchase price of approximately $700 million, the companystates.

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In addition to Crescent Terminus Community and CrescentBayshore, the other seven communities included in the company'sexpected transactions are: Crescent Cameron Village, Raleigh, NC;Crescent Central Station, Orlando, FL; Crescent Dilworth,Charlotte, NC; Crescent Howell Mill, Atlanta; Crescent Main Street,Durham, NC; Crescent Ninth Street, Durham, NC; and CrescentSouthPark, Charlotte, NC.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.