Crescent Communities Completes Sales of Two Multifamily Properties in North Carolina's Triangle Area

CHARLOTTE, N.C., Jan. 6, 2015 /PRNewswire/ -- Crescent Communities has closed on the sales of Crescent Cameron Village (www.crescentcameronvillage.com) in Raleigh and Crescent Ninth Street (www.crescentninthstreet.com) in Durham to affiliates of Boston-based Berkshire Group. The transactions of the Triangle-area multifamily communities are part of the sale of a nine-property portfolio of sustainable, amenity-rich properties developed by Crescent Communities in high-growth markets in the Southeast. Berkshire's affiliates are expected to acquire six of the properties, including Crescent Main Street in Durham later this year.

"Crescent Communities has built an extraordinary portfolio of multifamily communities providing residents of all ages with conveniences and amenities that complement their lifestyles," said Todd Mansfield, president and chief executive officer of Charlotte, North Carolina-based Crescent Communities. "People want to live where they work and play. Crescent Cameron Village and Crescent Ninth Street follow our model of developing sustainable communities, including three in the Raleigh-Durham market, where residents can walk to jobs and restaurants, gather in social spaces, and live comfortably."

In developing the 282-unit Crescent Cameron Village, Crescent offers the only luxury apartment living option in the historic, tree-lined Cameron Village – one of the first planned shopping centers in the Southeast and still one of the premier retail and dining destinations in Raleigh. For the 303-unit Crescent Ninth Street, Crescent secured land on Durham's energetic and eclectic Ninth Street that provides easy accessibility to work, home and entertainment and is ideal for professionals at nearby Duke University and Duke University Medical Center.

In addition to carefully-selected locations and a commitment to sustainability through guides such as National Green Building Standards (NGBS) or Leadership in Energy and Environmental Design (LEED), Crescent plans its multifamily communities to offer residents modern amenities that align with their lifestyles, such as fitness centers, resort-style pools, business centers and outdoor living spaces. At Cameron Village in Raleigh, residents also can enjoy the game room's poker tables, conditioned wine cellars and a demonstration kitchen, while a dog park and bike repair room are tailored to the urban Ninth Street setting in Durham.

The sales of Crescent Cameron Village and Crescent Ninth Street mark the third and fourth transactions of Crescent's portfolio sale and the second and third acquisition by Berkshire's affiliates, which closed on the purchase of Crescent Terminus in Atlanta's popular Buckhead neighborhood in December. Another buyer, UBS Global Asset Management, purchased Crescent Bayshore on Tampa's premier waterfront Bayshore Drive in October.

"Our vision as a real estate development company is to build properties that offer long-term value to our investors and residents," said Crescent Multifamily President Brian Natwick. "Our continued focus on dynamic high-growth markets such as Raleigh-Durham is a reflection of our strategic plan and the opportunities we see for sustainable community building."

The remaining five communities included in Crescent's expected transactions are:

• Crescent Central Station, Orlando, Florida
• Crescent Dilworth, Charlotte, North Carolina
• Crescent Howell Mill, Atlanta, Georgia
• Crescent Main Street, Durham, North Carolina
• Crescent SouthPark, Charlotte, North Carolina

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

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