Crescent sells apartment buildings in Raleigh, Durham

Charlotte-based Crescent Communities said Tuesday that it has closed on the sale of two apartment complexes in Raleigh and Durham, part of the development company’s plan to sell much of its multifamily portfolio.

Crescent sold the complexes – 282-unit Crescent Cameron Village in Raleigh and 303-unit Crescent Ninth Street in Durham – to Boston-based Berkshire Group. The buildings are among nine apartment complexes that Crescent is selling to Berkshire and UBS for a total of $700 million.

“The proceeds from the recapitalization will continue to fuel our future growth throughout our Southeastern footprint,” said Brian Natwick, president of Crescent’s multifamily group.

The company has closed on the sales of four out of the nine properties so far, and plans to complete the remaining five sales this year. The other properties to be sold include Crescent Dilworth and Crescent SouthPark, two high-end complexes under construction in Charlotte.

Crescent CEO Todd Mansfield said the complexes fulfill the company’s goal of creating communities close in to city centers.

“People want to live where they work and play,” said Mansfield, in a statement.