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Crescent Communities sells north Charlotte apartments

Crescent Communities has sold three multifamily properties, including Crescent Alexander Village in north Charlotte. The local development, in University Research Park, features 320 one-, two-, and three-bedroom apartments. It was purchased by Starlight Investments of Canada.

The other properties are in Nashville, Tennessee, and Tampa, Florida. Crescent Communities sold the three apartment complexes for a total of $170.6 million.

Charlotte-based Crescent developed the properties, which have a total of 916 units, with joint venture partner CNL Growth Properties Inc.

“The sale of these properties will allow us to reinvest capital for future developments as we continue to expand our multifamily presence in the Southwest, Southeast and Mid-Atlantic states,” said Brian Natwick, president of Crescent’s multifamily division, in a written statement. “The result of our investment-oriented focus is that these emerging U.S. markets have paid off for residents, investors and our company.”

Last year, Crescent sold a portfolio of multifamily communities across the Southeast for $700 million.

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