Crescent Howell Mill Completed and Sold as Part of $700M Portfolio
- May 18, 2015
Crescent Communities completed construction and closed on the sale of Crescent Howell Mill. The 256-unit luxury apartment community in Atlanta was sold to affiliates of Boston-based Berkshire Group. The project is the only residential component of Howell Mill, an eight-acre mixed-use development featuring shops and boutique restaurants with garden courtyards.
The deal is part of a $700 million portfolio transaction comprising nine amenity-rich multifamily properties developed by Crescent Communities, all located in high-growth markets in the Southeast. The agreement was finalized prior to completion of construction, and Crescent Howell Mill is the fifth property to reach closing to date. The remaining four assets are Crescent Central Station in Orlando, FL; Crescent Dilworth and Crescent SouthPark in Charlotte, NC; and Crescent Main Street in Durham, NC. The developer has more than one dozen multifamily communities in planning or under development in high-growth U.S. markets.
Crescent broke ground on the project in mid-November 2013 and finished construction on time. The design team included The Preston Partnership, Historical Concepts and Southern Civil Engineers, Inc. from Atlanta, along with Charlotte-based firms LandDesign and Vignette Interior Design. The building was conceptualized to resemble an old textile mill, complementing the design of the mixed-use community. The property is Home Innovation NGBS Green Registered, which means that it was designed and built to meet criteria established by National Green Building Standard and will be verified to meet the criteria independently by third-party agents of Home Innovation Research Labs.
Photo credits: Crescent Communities