Crescent Acquires Multifamily Properties in Four States

FORT WORTH, Texas - Oct. 7, 2016 - PRLog -- Fort Worth-based Crescent Real Estate LLC (Crescent) used its recently established investment fund to acquire six multifamily properties in four states totaling 1,664 units. Acquired by Crescent through "off-market" deals, the multifamily properties are geographically diverse in five separate submarkets. This is Crescent's most recent use of the GP Invitation Fund I established earlier in the year to acquire, develop and operate properties in all real estate asset classes alongside institutional investors and high net worth clients.

All the multifamily properties are located in large metropolitan areas. Three properties are located in Texas with two locations in San Antonio, Texas, and a third location in Houston suburb League City, Texas.  One property is in Chicago suburb Evanston, Illinois, another is in Washington, D.C. suburb Reston, Virginia, and the final of the six properties is located in Tampa, Florida.

Crescent secured five of the six properties totaling 1,324 units in an "off-market" deal from a joint venture of Crossbeam Concierge and a large institutional partner. Crescent has engaged Crossbeam Concierge to continue managing the Texas, Illinois and Virginia properties. The Tampa property also was acquired in an "off-market" transaction with an unnamed owner. Crescent engaged Habitat Company, who manages other Crescent-owned properties in the Tampa market, to manage that property.

"We feel we have taken advantage of a great opportunity and are excited to secure a quality portfolio of this size in strong submarkets," said Conrad Suszynski, Co-CEO of Crescent. "Because of our relationships with and our knowledge of the companies and the markets, we were able to purchase the properties before they went on the market and substantially below replacement costs."

Crescent closed on the Reston Glen in Reston, Virginia; Riverbend in League City, Texas; and Sable Ridge in San Antonio, Texas, on August 17, 2016. The 415 Premier in Evanston, Illinois, and Mira Loma in San Antonio closed on September 15, 2016. Crescent closed on Wildwood Acres in Tampa, Florida in March of 2016.

The properties are Class A and Class B facilities and have received exterior and interior or amenity upgrades within the past year. However, Crescent has targeted millions of dollars in additional capital improvements to further enhance the multifamily properties. Planned capital investment includes unit upgrades, exterior renovations and common area improvements.

         "People migrating to these growth markets desire high-quality and well-maintained multifamily properties," Suszynski added. "The quality of living in this new portfolio will attract and retain residents, providing both a desirable place to live and an attractive investment for Crescent."

About Crescent

Crescent Real Estate LLC (http://www.crescent.com) (Crescent) is a real estate operating company and investment advisor with assets under management totaling $1.4 billion. Through the recently established GP Invitation Fund I, Crescent will acquire, develop and operate all real estate asset classes alongside institutional investors and high net worth clients. Crescent's portfolio consists of more than 8,000 units of multifamily properties; 1.8 million square feet of creative office space; 610,000 square feet of Class A office properties in Colorado and Texas; and The Hotel Crescent Court in Dallas. Crescent is an affiliate of Crescent Real Estate Holdings, LLC, an award-winning owner and operator of premier real estate assets throughout the U.S. such as The Ritz-Carlton, Dallas, a newly developed Class AA office building, McKinney & Olive in Dallas, and the wellness lifestyle leader, Canyon Ranch®.