ATLANTA—Charlotte, NC-based Crescent Communities reports it has closed on the sale of its Crescent Terminus luxury apartment community in Buckhead to an affiliate of the Berkshire Group based in Boston.
No financial terms of the transaction were disclosed. The deal completes the second sale in a portfolio of nine multi-family properties developed by Crescent. In October, Crescent Communities completed the sale of Crescent Bayshore, a 367-unit apartment community in downtown Tampa, to UBS Global Asset
“Crescent Communities' defining mission is to better people's lives by building world-class communities that are fiscally and environmentally sustainable,” says Todd Mansfield, president and CEO of Crescent Communities. “Terminus demonstrates Crescent's signature approach to creating exceptional value: we took the time to identify an extraordinary site, and then used our consumer-driven research to develop visionary designs that offer residents the vibrant, affordable and walkable community they were seeking.”
The 355-unit Crescent Terminus Community features studio, one-bedroom and two-bedroom floor plans. The three-building complex includes two rooftop terraces, each with an outdoor fireplace, outdoor TV and seating; a saltwater resort-style pool with aqua sundeck; outdoor kitchen with grilling stations and a fire pit lounge; and a tech lounge with Mac stations, wireless printing and a coffee bar.
The 100% smoke free community is pursuing Bronze Level Certification under the requirements of the ICC 700 National Green Building Standard.
Crescent currently has approximately 4,000 units under construction and another 5,000 in predevelopment, representing approximately $725 million of debt and equity capital dedicated to creating a portfolio of sustainable multi-family communities.
Crescent Bayshore, with 367 units in downtown Tampa, was purchased by UBS in the first closing of Crescent's nine properties, which comprise a total of 2,667 units with a total gross purchase price of approximately $700 million, the company states.
In addition to Crescent Terminus Community and Crescent Bayshore, the other seven communities included in the company's expected 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 Crescent SouthPark, Charlotte, NC.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
