TAMPA — Crescent Communities has sold Crescent Bayshore, an apartment complex in Tampa, for $111.5 million. This is the first closing of a portfolio of nine multifamily properties developed by Crescent.
Crescent has finalized the sales with a fund advised by UBS Global Asset Management and an unnamed private institutional buyer. The portfolio includes a total of 2,667 units.
Crescent Bayshore contains 367 units located in downtown Tampa, and the sale represents a price in excess of $300,000 per unit. The entire transaction will allow Crescent to recapitalize the portfolio at a gross purchase price approaching $700 million. CBRE advised Crescent on the transaction.
“For over 50 years, Crescent Communities has been unwavering in its commitment to bettering people’s lives by building sustainable communities that deliver long-term value to both investors and residents,” says Todd Mansfield, president and CEO of Crescent Communities. “Our ability to transact this multifamily portfolio at these values, even prior to the completion of leasing, speaks to the strength of our strategy and the long term value the market sees in our communities, and it will help fund our further expansion.”
Crescent has committed approximately $725 million of debt and equity capital into building a portfolio of multifamily communities. Crescent has 4,000 units under construction, with 5,000 more units in pre-development.
“This portfolio was more than four years in the making and entailed thoughtful, deliberate selections of location and design for each community,” says Brian J. Natwick, president of multifamily at Crescent. “As demonstrated by this very successful transaction, investors recognize that our strategic investments in creating superior multifamily properties can provide significant long-term capital growth opportunities.”
The nine communities included in the company’s recent transaction are:
• Crescent Bayshore, Tampa, Fla.
• Crescent Cameron Village, Raleigh, N.C.
• Crescent Central Station, Orlando, Fla.
• Crescent Dilworth, Charlotte, N.C.
• Crescent Howell Mill, Atlanta, Ga.
• Crescent Main Street, Durham, N.C.
• Crescent Ninth Street, Durham, N.C.
• Crescent SouthPark, Charlotte, N.C.
• Crescent Terminus, Atlanta, Ga.