Crescent Communities has launched an investment management business as well as its first fund, the Crescent Communities Real Estate Opportunities Fund. The initial fund, approaching $200 million, will target high-density multifamily developments in urban core areas in Atlanta; Charlotte, North Carolina; Tampa, Florida; and Washington, D.C.

Brian Natwick, CEO, Crescent Communities
Courtesy Crescent Communities Brian Natwick, CEO, Crescent Communities

“We’re proud to launch this new business as part of our five-year strategic plan,” said CEO Brian Natwick. “As an organization, we consider ourselves to be investors as well as developers, and this business will allow us to continue building on that philosophy.”

According to the firm, the fund will complement its ongoing strategic investments with institutional joint-venture partners.

“Establishing the investment management business further diversifies Crescent Communities’ capital base and allows us to pursue even more opportunities as we continue to penetrate and grow our footprint across the country,” added executive vice president and chief investment officer Jason LaBonte. “As part of our larger strategic plan, we plan to raise a series of targeted funds for both multifamily and commercial investment strategies that take advantage of Crescent Communities’ highly regarded and award-winning developments.”

Crescent Communities, which ranked No. 15 on the National Multifamily Housing Council’s 2021 top developers, has $6.7 billion of investments and developments under construction, operations, and planning, including 14,300 units of multifamily and single-family build-to-rent product, 200,000 square feet of complementary retail, and 8.5 million square feet of office, industrial, and life sciences.