Crescent Acquires 1,664 Multifamily Units In Four-State Deal
Fort Worth-based Crescent Real Estate used its recently established investment fund to acquire six multifamily properties in four states totaling 1,664 units. All the assets are in large metropolitan areas. Crescent secured five of the properties (1,324 units) in an off-market deal from a JV of Crossbeam Concierge and a large institutional partner.
Crescent closed on the Reston Glen in Reston, VA; Riverbend in League City, TX; and Sable Ridge in San Antonio, on Aug. 17. The 415 Premier in Evanston, IL, and Mira Loma in San Antonio closed on Sept. 15. Crescent closed on Wildwood Acres in Tampa, FL, in March 2016.
Crescent has targeted millions of dollars in additional capital improvements to further enhance the multifamily properties.