Crescent Communities Finishes Construction, Completes Sale of Crescent Central Station and Crescent SouthPark

Luxury Multifamily Communities in Charlotte, N.C., and Orlando, Fla., are Seventh and Eighth of Nine Properties to Close in Major Portfolio Transaction

Jan 05, 2016, 12:25 ET from Crescent Communities

CHARLOTTE, N.C., Jan. 5, 2016 /PRNewswire/ -- Crescent Communities has completed construction of Crescent Central Station of Orlando and Crescent SouthPark of Charlotte and closed on the sale of the luxury communities to a fund advised by UBS Global Asset Management.

The communities are 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 in 2014 prior to construction completion, and Crescent Central Station and Crescent SouthPark are the seventh and eighth properties to reach closing to date. UBS, one of the two buyers of properties included in the sale, also acquired Crescent Bayshore in Tampa in 2014.

"Crescent Central Station and Crescent SouthPark are terrific examples of Crescent's unique approach to building communities that better people's lives," said Brian Natwick, president of Crescent's multifamily group. "We remain dedicated to developing sustainable properties for today and the future, and this landmark portfolio sale demonstrates that investors are recognizing their significant long-term value."

Crescent Central Station (www.crescentcentralstation.com), one of Central Florida's first transit-oriented developments (TOD), is the first residential development to be built immediately adjacent to a SunRail commuter train station.

Built for a walkable lifestyle in a vibrant, booming city, Crescent Central Station blends seamlessly into its high-density, urban location, just a short walk to downtown Orlando's thriving social scene and top employers with unparalleled access to the SunRail. Beautiful both inside and out, Crescent Central Station features best-in-class amenities and stunning public spaces including downtown Orlando's only off-leash, public dog park and an extension of a public park and bike/walk trail, Gertrude's Walk, that is part of the larger Orlando Urban Trail

Crescent SouthPark (www.crescentsouthpark.com) is located in the heart of Charlotte's vibrant SouthPark neighborhood, just steps from Piedmont Town Center and SouthPark Mall, North Carolina's largest shopping mall.

The high-end Crescent SouthPark apartment community offers luxury amenities set within a four-acre tree preserve. Residents will enjoy a short walk to gourmet dining, upscale shopping and more than 10 Fortune 500 employers. The SouthPark area is also home to many cultural events, and with its attractive homes, wide sidewalks and tree-lined streets, the area maintains an intimate neighborhood feel. A registered member of the Audubon International Signature Program, the community is currently working toward designation as a Certified Signature Sanctuary. In addition, Crescent SouthPark is NGBS Green Registered, meaning it is designed and built to meet the rigorous criteria of the ICC 700 National Green Building Standard (NGBS) and is being verified to meet the criteria by Home Innovation Research Labs' accredited third-party Green Verifiers on-site.

The last remaining community planned for inclusion in Crescent's expected transaction and under development is Crescent Dilworth, also located in Charlotte.

About Crescent Communities

Crescent Communities, LLC is a leading real estate investment and operating firm creating 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 residential, multifamily, mixed-used and commercial properties and land assets, valued in total at $1.2 billion. Crescent is recognized for its innovative approach to development, robust capital deployment, seasoned leadership team, and proven model of sustainability.

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SOURCE Crescent Communities