Crescent Communities Expands Multifamily Group to Southwest

CHARLOTTE, N.C., June 13, 2013 /PRNewswire/ -- Responding to the need for additional multifamily housing in several key markets in the Southwest, Crescent Communities, a Charlotte, N.C.-based real estate investment, development and operations company, is expanding its multifamily community building initiatives west of the Mississippi.

Industry veteran Jim Cauley has been tapped to lead the expansion, which includes the opening of a Crescent office in Denver and the launch of a new luxury apartment community in Arizona's prestigious Scottsdale Quarter.  

"Colorado, Texas and Arizona are vibrant growth areas for jobs and population, offering us an opportunity to build multifamily communities that resonate with today's consumer and lifestyle needs," said Brian Natwick, president of Crescent's Multifamily Group. "Jim's in-depth knowledge of the industry and these regions positions us well for our expansion to the southwest."

As senior vice president for multifamily in the Southwest, Cauley brings more than 25 years of experience in the real estate industry to his new position. He will be responsible for leading the company's multifamily investment efforts throughout the region.

"Crescent is well capitalized and has a history of creating extraordinary value through its investment decisions while building communities that improve the lives of people," Cauley said. "I'm looking forward to helping align our resources, culture and innovative approach to multifamily opportunities in the Southwest."

Crescent has plans underway to develop a 275-unit multifamily community in Scottsdale Quarter in Scottsdale, Ariz., in partnership with Glimcher Realty Trust. The luxury apartment community is the first onsite apartment option at the region's premier outdoor, urban, mixed-use development. It marks Crescent's second southwest multifamily development in recent history and the first under Cauley's leadership.  

Cauley recently served as managing partner of The Comunidades Group, a joint venture that focused on culturally customized apartment buildings and services for Hispanic renters. He previously served as president of Tarragon South Development Corp., a wholly-owned subsidiary of NASDAQ-traded tarragon Corporation. Under his leadership the company completed more than 30 condominium and town-home acquisitions, managed development/construction and conversion transactions over a two-year period and assembled a "for sale" inventory of more than $2 billion.

He also served as president and managing partner of The Altman Companies, an apartment development and operating company where he increased new construction volume from $50 million to $250 million in six years. Prior to that, Cauley was president and division partner of Trammell Crow Residential Services Southwest, responsible for a portfolio of 15,000 luxury apartments across the Southwest.

Throughout his career, Cauley served as past director of the National Multi-Housing Council, past treasurer of the Arizona Multi-Housing Association, and past president of the Apartment Association of Metro Denver. He is currently active with various philanthropic organizations in the Denver community.

Denver will serve as the site for Crescent's new southwest office, with two of Crescent's multifamily team members relocating to Denver. Scott Makee will serve as regional development director, transitioning his current responsibilities for the Tennessee market to Crescent Vice President Ben Collins. Susana Granda Zak will join the Southwest team from the Charlotte office as a development manager. 

"Our team will work judiciously to understand the sub-markets and job growth in the Southwest," Cauley said. "With Crescent's diverse expertise in multifamily, commercial, residential and resorts, we are in a unique position to address complex community building solutions."

About Crescent   

Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 27 master-planned communities, including its signature Palmetto Bluff, as well as 16 multifamily projects with 4,600 units under construction or in planning/pre-development. The company owns and manages approximately 72,000 acres, including 1,400 acres zoned for commercial use.

SOURCE Crescent Communities