Development

Crescent SouthPark sold for $75.4 million

Artist’s rendering of Crescent SouthPark
Artist’s rendering of Crescent SouthPark

Charlotte-based developer Crescent Communities has closed on its sale of Crescent SouthPark, an upscale apartment building near the mall, as the company turns to other projects.

Real estate records show the 321-unit apartment building sold for $75.4 million, to a fund affiliated with UBS Global Asset Management. The sale was part of a previously announced $700 million transaction in which Crescent sold a total of nine apartment projects under development.

“We remain dedicated to developing sustainable properties for today and the future, and this landmark portfolio sale demonstrates that investors are recognizing their significant long-term value,” said Brian Natwick, president of Crescent’s multifamily division. Crescent Dilworth, under construction on Morehead Street, will also be sold as part of the deal when it is complete.

At Crescent SouthPark on Carnegie Boulevard, studio units start at $1,150. The apartment building also includes a 4-acre tree preserve and amenities such as a swimming pool and dog park.

Phil Brosseau and Malcolm McComb of brokerage firm CBRE represented Crescent in the sale.

Crescent is set to break ground Wednesday on a new Whole Foods and apartment development uptown on Stonewall Street, adjacent to the light rail. The company is also planning an office tower and three hotels uptown, as well as major developments in NoDa and on Providence Road in south Charlotte.

Ely Portillo: 704-358-5041, @ESPortillo

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