Crescent Has Big Development Plans for Phoenix
Crescent Communities is wrapping up one big wave of multifamily development primarily in the Southeast (20 communities, 6,000 units) and it’s barely taking a breath before starting an even bigger one. We caught up with chief marketing officer Tyler Niess and president of multifamily Brian Natwick at ULI’s Spring Meeting in Houston this week. They tell us they’re raising partner equity capital now to co-invest into development with the equity that Crescent freed up when it contracted for the sale of nine newly built communities to Berkshire and UBS for approximately $700M last year.
Charlotte-based Crescent plans to start 10 new developments this year and 10 more next year, Brian tells us, for a total of 7,000 units and $1.4B of construction. The cycle will include focus on the Southwest, an initiative it kicked off with the groundbreaking on Crescent Scottsdale Quarter. That 275-unit complex, rendered here, opens this summer, and Crescent is also planning to start a development later this year in the Biltmore submarket. It’s planning additional groundbreakings in Phoenix, Denver, Houston, Dallas and more—metros that weren’t in vogue compared to primary markets when the firm started lining up sites five years ago. They’ve shown great long-term value though, and Brian is confident those markets have more room to run.
