Crescent Communities Finishes Construction, Completes Sale Of Crescent Main Street

Luxury Multifamily Community in Durham, N.C., is Sixth of Nine Properties to Close in Major Portfolio Transaction

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Jul 06, 2015, 09:00 ET

CHARLOTTE, N.C., July 6, 2015 /PRNewswire/ -- Crescent Communities this week completed construction on luxury multifamily community Crescent Main Street and closed on the sale of the 208-unit, amenity-rich complex in Durham, North Carolina, to affiliates of Boston-based Berkshire Group.

Named Crescent Main Street (www.crescentmainstreet.com) for its central location on Main Street near Duke Medical Center and the eclectic Ninth Street shopping and dining district, the community is part of the sale of a nine-property, $700 million portfolio of thoughtfully designed multifamily properties developed by Crescent Communities in high-growth markets in the Southeast. The agreement was finalized last year prior to completion of construction, and Crescent Main Street is the sixth property to reach closing to date. It is the fifth Crescent property acquired by Berkshire's affiliates, which are expected to acquire one additional property this year. UBS Global Asset Management is the buyer of the three other portfolio properties, including the now-open Crescent Bayshore in Tampa.

The high-end Crescent Main Street apartment community offers some of the area's most spacious, open floor plans and a full range of amenities that are well suited to the lifestyle needs of nearby professionals looking for more space than typically is available in urban apartment communities.

"Crescent Main Street is designed for the way people want to live in this eclectic, dynamic part of Durham, and it reflects our philosophy to develop communities that resonate with their environments and residents," said Ben Collins, senior vice president of Crescent's multifamily group.

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

Crescent Main Street also honors environmental sustainability. It is Home Innovation NGBS Green Certified and includes environmentally friendly amenities like bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and Cool Roof.

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

Crescent Central Station, Orlando, Florida
Crescent Dilworth, Charlotte, North Carolina
Crescent SouthPark, Charlotte, North Carolina

Crescent has 20 multifamily communities in planning or under development in high-growth markets in the U.S.

"For consumers interested in urban living but unwilling to sacrifice spacious residences and modern conveniences, Crescent Main Street offers a new luxury apartment option unlike anything they can find in the area," said Ginger Ackiss, senior development manager for Crescent Communities' multifamily group. Crescent Main Street has floor plans up to 2,000 square feet, 10-foot ceilings in most units, structured and secure parking and amenities including a health and wellness facility, pet spa, resort-style pool and outdoor spaces.

"Crescent Main Street is perfectly located and amenitized for Durham's growth and resident lifestyle needs," Ackiss said.

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