Development

Crescent sells University City apartment buildings for $52.3 million

Crescent Alexander Village
Crescent Alexander Village

Charlotte-based Crescent Communities has sold a University City apartment complex for $52.3 million, the company said this week.

Crescent Alexander Village is just west of Interstate 485, off West Mallard Creek Church Road. The garden-style apartments total 312 units.

The sale was part of a transaction that also included Crescent properties in Nashville and Tampa. Crescent sold the three properties for a total of almost $171 million, or $186,244 per apartment unit.

“These transactions validate the continued appetite from investors seeking financially sustainable investments in real estate,” said Todd Mansfield, president and CEO of Crescent, in a statement.

Crescent plans to use the proceeds to invest in more growth. The company has numerous apartment projects underway in Charlotte and across other states, as well as a planned office tower, hotels and Whole Foods on Stonewall Street uptown.

“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 multifamily at Crescent, in a statement.

The buyer was Alexander Village Acquisitions LP, a company corporate records show is affiliated with Starlight Investments, a Canadian real estate firm that buys and operates apartments.

Ely Portillo: 704-358-5041, @ESPortillo

  Comments