Written by Amanda Jones Hoyle | TRIANGLE BUSINESS JOURNAL
Charlotte real estate development firm Crescent Communities confirmed its plans on Wednesday to sell a portfolio of nine new apartment communities in North Carolina, Florida and Georgia, including three in the Triangle, in a deal valued at nearly $700 million.
In the Triangle, Crescent is selling the 282-unit Crescent Cameron Village in Raleigh that opened in September, the 303-unit Crescent Ninth Street in Durham that opened in July and the 208-unit Crescent Main Street in Durham that is still under construction.
The three apartment communities in Raleigh and in Durham are said to be valued around $250,000 per unit, which would set a new record for the Triangle apartment market.
The current record-holder was the sale of the Park & Market apartments at North Hills in 2012 that sold for $200,489 per unit.
The buyer is be a fund advised by UBS Global Asset Management and an unnamed private institutional group, according to Crescent CEO and President Todd Mansfield.
The sales transaction involving a total of 2,667 apartment units that have been designed and built within the last four years will be consummated in phases and will allow Crescent to recapitalize its portfolio, Mansfield says.
Crescent this week initiated phase one with the sale of its recently completed 367-unit Crescent Bayshore multifamily community in Tampa, Florida.
The UBS partnership paid $111.5 million for the Tampa property, or $303,814 per unit.
Other properties included in the pending sales transaction include:
- Crescent Dilworth in Charlotte;
- Crescent SouthPark in Charlotte;
- Crescent Howell Mill in Atlanta;
- Crescent Terminus in Atlanta; and
- Crescent Central Station in Orlando, Florida.