CHARLOTTE, N.C., Dec. 14, 2015 /PRNewswire/ -- Crescent Communities today announced the sale of three garden-style multifamily communities in Nashville, Tennessee, Charlotte, North Carolina and Tampa, Florida, in a transaction valued at $170.6 million. The three communities have a combined total of 916 units, representing a sale price of $186,244 per unit.
Crescent Communities developed Crescent Cool Springs in Nashville, Crescent Alexander Village in Charlotte and Crescent Crosstown Properties in Tampa with joint venture partner CNL Growth Properties, Inc.
"These transactions validate the continued appetite from investors seeking financially sustainable investments in real estate," said Todd Mansfield, president and CEO of Crescent Communities.
Last year, Crescent sold a portfolio of multifamily communities across the Southeast for $700 million.
With a focus on the Southeast, Southwest and Mid-Atlantic states, Crescent's footprint spans emerging U.S. markets and submarkets projected to capture more than half of the nation's population and employment growth through the end of the decade. Investors recognize that Crescent's investments in creating multifamily properties that provide significant long-term capital growth opportunities are worth the premium that the properties sell for. The transaction of these properties sets high-water sales marks in each of their respective submarkets.
Crescent's continued success in creating properties that sell at prices above market benchmarks demonstrates the value of the company's unique approach to developing thoughtful, sustainable communities that improve people's lives. This approach includes using proprietary psychographic research to better understand broader trends in the U.S. housing market and the embrace of the importance of environmental stewardship and the needs of existing communities.
"The sale of these properties will allow us to reinvest capital for future developments as we continue to expand our multifamily presence in the Southwest, Southeast and Mid-Atlantic states," said Brian Natwick, president, multifamily at Crescent. "The result of our investment-oriented focus is that these emerging U.S. markets have paid off for residents, investors and our company."
The location of each Crescent project 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. This transaction is a reflection of the company's position as an industry leader in developing world-class communities that capture the housing and lifestyle preferences of today's consumers. Buyers have found that the opportunity to invest in quality properties in some of the nation's highest growth markets makes Crescent's properties especially appealing.
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.
SOURCE Crescent Communities