Crescent Communities has sold its Crescent SouthPark multifamily development to a fund advised by UBS Global Asset Management. The deal also included an apartment community in Florida, Crescent Central Station of Orlando.
The 321-unit Crescent SouthPark is on Carnegie Boulevard, near Piedmont Town Center and SouthPark Mall. The high-end project, on 4 acres, includes a two-story health club, a saltwater pool, a business center and an outdoor kitchen.
The two developments are part of the company’s $700 million sale of a nine properties. Crescent has been divesting 2,667 units in Charlotte, Raleigh and Durham, as well as in Atlanta and Florida.
Crescent Dilworth, a $58 million mixed-use apartment development that will have about 300 residential units, is the sole property that remains to be sold.