Charlotte, NC-based Crescent Communities has launched new investment management business and its first fund, the Crescent Communities Real Estate Opportunities Fund. The initial fund, approaching $200 million, will focus on Atlanta, Charlotte, Tampa and Washington, DC and target high-density multifamily developments in urban core areas.

“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,” said Jason LaBonte, EVP and chief investment officer for Crescent Communities.

Crescent Communities has $6.7 billion of residential and commercial investments and developments currently under construction, operations and planning including 14,300 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail and 8.5 million square feet of office, industrial and life sciences.