Crescent Communities to Build in Bishop Arts District
Crescent Communities is wrapping up a big wave of multifamily development (20 communities, 6,000 units) and starting an equally big one, including a project in Dallas—Crescent controls a site in the Bishop Arts District at West Davis and Zang. We caught up with chief marketing officer Tyler Niess and president of multifamily Brian Natwick at ULI’s Spring Meeting in Houston yesterday morning; they tell us they’re raising partner equity capital for its next development portfolio. They're hoping to find strategic partner(s) to co-invest with the equity Crescent freed up when it contracted for the sale of nine newly built communities to Berkshire and UBS for approximately $700M last year.
Crescent plans to start 10 new developments this year and 10 more next year for a total of 7,000 units and $1.4B of construction. Brian tells us about half of the upcoming projects are in Southwestern markets like Phoenix, Denver, Houston (pictured is Crescent Northgate, which is under construction there now) and Dallas that weren’t in vogue compared to primary markets when the firm started lining up sites five years ago. They’ve shown great long-term value though, and Brian is confident those markets have more room to run.