Crescent Communities Completes Sale Of Crescent Howell Mill

Atlanta Property Closing Marks Fifth of Nine Properties Included in Major Portfolio Transaction

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May 14, 2015, 09:00 ET

CHARLOTTE, N.C., May 14, 2015 /PRNewswire/ -- Crescent Communities has completed construction and closed on the sale of luxury apartment community Crescent Howell Mill (www.crescenthowellmill.com) in Atlanta to affiliates of Boston-based Berkshire Group.

The transaction is part of the sale of a nine-property, $700 million portfolio of amenity-rich multifamily properties developed by Crescent Communities in high-growth markets in the Southeast. The agreement was finalized prior to completion of construction, and Crescent Howell Mill is the fifth property to reach closing to date. Crescent Howell Mill is the fourth Crescent property acquired by Berkshire's affiliates, which are expected to acquire two additional properties this year. UBS Global Asset Management is the buyer of the three other portfolio properties, including the now-open Crescent Bayshore in Tampa.

The 256-unit Crescent Howell Mill is the only residential component in the eight-acre, planned mixed-use Howell Mill, helping create a residential and lifestyle destination convenient to both the Buckhead and Midtown districts. The distinctive new sub-community puts residents within easy access to everything they want and need, from amenities such as a dog spa within Crescent Howell Mill to the neighborhood's popular Food Truck Park, just a short walk from the property.

"We are committed to developing engaging, sustainable properties that allow residents to enjoy modern conveniences and luxury amenities at home while their work and play spaces remain easily accessible," said Brian Natwick, president of Crescent's multifamily group. "Crescent Howell Mill is a first-class community in its exceptional location and thoughtful design."

Each Crescent community location is carefully selected, and communities are designed based on the regional influences and lifestyles of area residents, ensuring they remain relevant and attractive to tenants for years to come.

Care for the environment also was a guiding factor in the design of Crescent Howell Mill. It is Home Innovation NGBS Green Registered, meaning it is designed and built to meet the rigorous criteria of the National Green Building Standard (NGBS) and will be verified to meet the criteria independently by third-party agents of Home Innovation Research Labs.

The remaining four communities planned for inclusion in Crescent's expected transactions and under development are:

Crescent Central Station, Orlando, Florida
Crescent Dilworth, Charlotte, North Carolina
Crescent Main Street, Durham, North Carolina
Crescent SouthPark, Charlotte, North Carolina

Crescent has more than one dozen multifamily communities in planning or under development in high-growth markets in the U.S.

"We continue to see job growth in key markets in the Southeast, including Atlanta, and with that comes increased demand for high-end apartment living that lets people live where they work and play," said Jay Curran, senior vice president of Crescent Communities' multifamily group. "Crescent Howell Mill is a terrific example of building communities for the way people want to live today."

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-Atlanta markets that represent more than 50 percent of the U.S. population growth over the next decade. Its multi-product platform includes residential, multifamily, mixed-use, 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.

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SOURCE Crescent Communities