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Crescent sells Dilworth apartments

The Berkshire Group has purchased the 296-unit Crescent Dilworth development on East Morehead Street. Photo courtesy of Berkshire Communities

The Berkshire Group has purchased the 296-unit Crescent Dilworth development on East Morehead Street. Photo courtesy of Berkshire Communities

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.

 

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