Crescent Communities Announces Landmark Sale Of Crescent Bayshore Multifamily Community In Tampa, FL For $111.5 Million

Sale is First of Nine Transactions Under Agreement for Multifamily Portfolio of Nearly $700 Million

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Oct 29, 2014, 10:32 ET

CHARLOTTE, N.C., Oct. 29, 2014 /PRNewswire/ -- Crescent Communities announced the sale of Crescent Bayshore, a multifamily community in Tampa, Florida, for $111.5 million. The sale, which closed at completion of construction, is the first of nine transactions under agreement for multifamily properties located in Florida, Georgia and North Carolina that Crescent has finalized with a fund advised by UBS Global Asset Management and an unnamed private institutional buyer. A diversified real estate investment and operating company, Crescent is dedicated to developing thoughtfully designed and sustainable communities in the nation's fastest growing markets.

Crescent Bayshore contains 367 units located in downtown Tampa, and the sale represents a price in excess of $300,000 per unit. In comparison, properties over 200 units built for rental in Tampa traded at high water marks of less than $250,000 per unit entering 2014. This is the first closing of the portfolio of nine multifamily properties developed by Crescent, comprising a total of 2,667 units. The entire transaction will allow Crescent to recapitalize the portfolio at a gross purchase price approaching $700 million. The agreement, which was finalized prior to completion of construction, will be the largest transaction to date of a multifamily portfolio prestabilization within Crescent's markets in the Sunbelt and Mid-Atlantic area. CBRE advised Crescent on the transaction.

"For over 50 years, Crescent Communities has been unwavering in its commitment to bettering people's lives by building sustainable communities that deliver long-term value to both investors and residents," said Todd Mansfield, President and CEO. "Our ability to transact this multifamily portfolio at these values, even prior to the completion of leasing, speaks to the strength of our strategy and the long term value the market sees in our communities, and it will help fund our further expansion."

With a focus on the Southeast, Southwest and Mid-Atlantic states, Crescent's footprint spans the high-growth markets projected to capture more than 50% of the nation's population and employment growth over the next decade. The company has committed approximately $725 million of debt and equity capital into building a portfolio of multifamily communities. Crescent has 4,000 units under construction, with 5,000 more units in predevelopment.

"This portfolio was more than four years in the making and entailed thoughtful, deliberate selections of location and design for each community," said Brian J. Natwick, President, Multifamily. "As demonstrated by this very successful transaction, investors recognize that our strategic investments in creating superior multifamily properties can provide significant long-term capital growth opportunities."

The nine communities included in the company's recent transaction are:

Crescent Bayshore, Tampa, Florida
Crescent Cameron Village, Raleigh, North Carolina
Crescent Central Station, Orlando, Florida
Crescent Dilworth, Charlotte, North Carolina
Crescent Howell Mill, Atlanta, Georgia
Crescent Main Street, Durham, North Carolina
Crescent Ninth Street, Durham, North Carolina
Crescent SouthPark, Charlotte, North Carolina
Crescent Terminus, Atlanta, Georgia

"Crescent Communities' landmark 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," said Malcolm McComb, Vice-Chairman, CBRE. "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."

For more information or to speak with a company representative, please contact Jami Schlicher at 973-850-7309 or [email protected].

About Crescent Communities
Crescent Communities, LLC is a leading real estate investment and operating firm driven to create long-term value by developing thoughtful, sustainable communities that improve people's lives. Founded in 1963, Crescent's original mandate as a land management company continues to inform its commitment to the wise stewardship of natural resources. The company finances, plans and develops properties in the Sunbelt and Mid-Atlantic markets that represent more than 50% of the U.S. population growth over the next decade. Its multi-product platform includes residential, multifamily, mixed-used, commercial and land assets, valued in total at $1.2 billion. Crescent's robust capital deployment, seasoned leadership team, and model of sustainability enable the company to maximize opportunity in a recovering real estate market.

CONTACT: Jami Schlicher
JCPR
973-850-7309
[email protected]

SOURCE Crescent Communities