CHARLOTTE, N.C., March 07, 2022 (GLOBE NEWSWIRE) -- Crescent Communities today announces the launch of its new investment management business and its first fund, the Crescent Communities Real Estate Opportunities Fund. This initial fund, approaching $200M, will focus on select multifamily investments in Atlanta, Charlotte, Tampa, and Washington, D.C.
“We’re proud to launch this new business as part of our five-year strategic plan,” said Brian Natwick, Chief Executive Officer for Crescent Communities. “As an organization, we consider ourselves to be investors as well as developers, and this business will allow us to continue building on that philosophy.”
This first fund will focus on opportunistic high-density multifamily developments in urban core areas and will complement the company’s ongoing strategic investments with best-in-class institutional joint venture equity partners.
“Establishing the investment management business further diversifies Crescent Communities’ capital base and allows us to pursue even more opportunities as we continue to penetrate and grow our footprint across the country,” said Jason LaBonte, Executive Vice President and Chief Investment Officer for Crescent Communities. “As part of our larger strategic plan, we plan to raise a series of targeted funds for both multifamily and commercial investment strategies that take advantage of Crescent Communities’ highly regarded and award winning developments.”
More broadly, Crescent Communities continues to experience significant growth with $6.7 billion of residential and commercial investments and developments currently under construction, operations and planning including 14,300 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 8.5 million square feet of office, industrial and life-sciences. With a focus on sustainable development practices, the organization pursues USGBC LEED certification for commercial spaces and NGBS certification for multifamily residences.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 74 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.
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