Crescent Communities has sold the Crescent Dilworth apartment development on East Morehead Street to real estate investment management company Berkshire Group.
The property features 296 studio, one- and two-bedroom units.
“Dilworth marks the sixth Crescent community that Berkshire acquired upon completion, and we have tracked its progress since construction started,” said Eric Draeger, a managing director at Berkshire Group. “This was also a great opportunity to invest in Charlotte, which fits into our overall acquisitions strategy of choosing great product in carefully selected U.S. markets.”
The sale is part of a $700 million portfolio of nine properties in the Southeast that Crescent has sold since 2014 to Boston-based Berkshire Group and UBS Global Asset Management of New York. The portfolio contained another Charlotte location, Crescent SouthPark, which UBS bought early this year.