Charlotte-based Crescent Communities is expanding into the single-family, build-to-rent business. The product segment brand will be unveiled this summer, with an initial development focus on the Atlanta, Charlotte, Charleston, and Raleigh markets.
Todd Mansfield, Crescent’s chairman and CEO, indicated that the company’s competitive advantage in build-to-rent will be its affiliate relationship with homebuilders in the Sumitomo Forestry portfolio. Its homebuilders operate across the U.S. and collectively build more than 10,000 homes annually.
Leading the initiative will be Tony Chen, who joined the Crescent team as managing director. Chen most recently served as VP, chief of staff and head of the office of strategic initiatives at FirstKey Homes in Atlanta.
Each community will include approximately 100 – 200 residences, with a combination of three- and four-bedroom townhomes and/or detached single-family houses. Crescent will work with DRB Group as its primary builder of build-to-rent product across the East Coast.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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