Crescent Communities Sells M-F Property in Tampa
- Oct 30, 2014
In a $111.5 million transaction, Crescent Communities, of Charlotte, N.C., has sold Crescent Bayshore, a 367-unit multi-family community in downtown Tampa, to a fund advised by UBS Global Asset Management, Crescent announced Wednesday.
The sale is the first of nine, involving a total of 2,667 units and for a total gross purchase price of nearly $700 million, that will be carried out over roughly the next 12 to 18 months, as eight more Crescent multi-family properties now under development in Florida, Georgia and North Carolina are completed, Brian Natwick, president of the Crescent Communities Multifamily Group, told Commercial Property Executive. In all, three properties will be sold to the fund advised by UBS and six to an unnamed private institutional buyer, he said.
In addition to the Crescent Bayshore property in Tampa, the UBS-advised fund has agreed to purchase Crescent Central Station in Orlando, and Crescent SouthPark in Charlotte, Natwick told CPE.
The other six properties, to be purchased by the unidentified private entity, are:
· Crescent Howell Mill, Atlanta
· Crescent Terminus, Atlanta
· Crescent Dilworth, Charlotte
· Crescent Main Street, Durham, N.C.
· Crescent Ninth Street, Durham, N.C.
· Crescent Cameron Village, Raleigh, N.C.
CBRE advised Crescent on the Crescent Bayshore transaction, which closed on Oct. 21.
“Crescent engaged CBRE to help advise us in an array of options that would allow us to recapitalize this portfolio to help fuel future growth. The sale of the Tampa property was an opportunity that arose during the development,” Natwick said.
“Crescent goes into every investment as a long-term investment; every decision we make from site selection to design to programming is with the goal of adding … long-term value to anyone who owns the property, whether it is Crescent or any investor downstream,” he added.
The Crescent announcement pointed out that the Crescent Bayshore sale represents a price of more than $300,000 per unit. Going into 2014, other Tampa residential rental properties of more than 200 units had traded for less than $250,000 per unit, according to Crescent.
Crescent Communities’ Multifamily Group reportedly has roughly 4,000 units in active development, plus an additional 4,000 to 5,000 in the predevelopment pipeline.