Crescent Communities Announces Transaction of Crescent Terminus Community in Atlanta

Sale Completes Second Transaction in Major Portfolio of Nine Multi-Family Properties Developed by Crescent Communities

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Dec 16, 2014, 09:01 ET

CHARLOTTE, N.C., Dec. 16, 2014 /PRNewswire/ -- Crescent Communities announced the closing of the sale of Crescent Terminus Community (www.crescentterminus.com), a luxury apartment complex in Atlanta's exclusive Buckhead neighborhood, to an affiliate of Boston-based Berkshire Group. This 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-units modern apartment community in downtown Tampa, to UBS Global Asset Management.

"Crescent Communities' defining mission is to better people's lives by building world-class communities that are fiscally and environmentally sustainable," said Todd Mansfield, President and CEO. "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 combines state-of-the-art amenities and a modern lifestyle in studio, one-bedroom and two-bedroom configurations. The three-building complex includes two rooftop terraces, each with an outdoor fireplace, outdoor TV and comfortable 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 rigorous requirements of the ICC 700 National Green Building Standard™ (NGBS), which provides independent third-party verification that an apartment building is designed to achieve high performance in site design, resource, water and energy efficiency, and indoor environmental quality, as well as building operations and maintenance.

Crescent focuses its development projects on properties in the high-growth markets of the Southeast, Southwest and Mid-Atlantic states, which are expected to capture more than 50% of the nation's population and employment growth over the next decade. The company currently has some 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. Crescent's recapitalization with Berkshire Group and UBS will be the largest transaction of its nature to date of a multi-family portfolio in the nation.

"This transaction demonstrates the strategic opportunities that investors see in our multi-family developments in the Sunbelt and Mid-Atlantic regions," said Brian J. Natwick, President, Multi-Family. "Our commitment to delivering long-term value both to our investors and the residents of the communities we create is one of the things that have attracted such outstanding firms as UBS and Berkshire to our properties."

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, 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

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 (www.crescentcommunities.com) 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, multi-family, 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
Jennifer Connelly Public Relations
973-850-7309
[email protected]

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SOURCE Crescent Communities