Crescent Announces Sale of 2 Charlotte Apt. Communities Under Construction

Crescent Communities will be selling two Charlotte properties as part of a portfolio valued at close to $700 million.

By Eliza Theiss, Associate Editor

Crescent SouthPark

Crescent Communities will be selling two Charlotte properties as part of a portfolio valued at close to $700 million. The portfolio comprises nine properties located in Florida, Georgia and North Carolina. The buyers are an unnamed private institutional entity and a fund advised by USB Global Asset Management.

The first property to trade hands was the 367-unit Crescent Bayshore in Tampa that recently sold for $111.5 million, or over $300,000 per unit. From its Charlotte properties, Crescent will be selling the 296-unit Crescent Dilworth and the 321-unit Crescent SouthPark, both still under construction.

“This portfolio was more than four years in the making and entailed thoughtful, deliberate selections of location and design for each community,” said Brian J. Natwick, president, Multifamily, Crescent Communities. “Investors recognize that our strategic investments in creating superior multifamily properties can provide significant long-term capital growth opportunities,” he added.

Located in SouthPark, one of Charlotte’s most desirable neighborhoods, Crescent SouthPark is set to become a sought-after Charlotte residence. The community will feature a resort-style saltwater pool, two-story fitness center complete with yoga/barre studio, an outdoor kitchen and a two-acre wooded dog park. It will feature studio, one- and two-bedroom apartments, with preleasing set to kick off in late 2014.

Crescent Dilworth

Crescent Dilworth is currently under construction in one of Charlotte’s historic neighborhoods.  Amenities will include an infinity saltwater pool, large roof terrace, high-end fitness center, fire pits, grilling areas and multiple bike-friendly features, such as indoor and outdoor bike storage and a bike repair center.

Sitting across from the Carolina’s Medical Center, the development is expected to cater to many health care professionals. To serve this particular market, features such as blackout shades and acoustic dampening between floors will be added.  The 19-mile Little Sugracreek Greenway is also accessible from Crescent Dilworth, providing ample outdoor space.

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Images courtesy of Crescent Communities