Troutman Sanders Counsels Crescent Communities on Final Sale of Nine Luxury Multifamily Developments
Troutman Sanders counseled Crescent Communities on the sale of the Crescent Dilworth luxury multifamily community located in Charlotte, North Carolina, which closed on June 16, 2016. This transaction completes the disposition of nine luxury multifamily communities, comprising a portfolio sale that began approximately two years ago.
The property portfolio includes Crescent Central Station in Orlando; Crescent SouthPark and Crescent Dilworth in Charlotte; Crescent Howell Mill and Crescent Terminus in Atlanta; Crescent Bayshore in Tampa; Crescent Cameron Village in Raleigh; and Crescent Ninth Street and Crescent Main Street in Durham.
These communities are thoughtfully-designed, sustainable multifamily properties developed by Crescent Communities in high-growth markets in the Southeast.
Troutman Sanders has represented Crescent on virtually all aspects of the portfolio sale project, including drafting and negotiating the listing brokerage agreement with CBRE, Inc. and separate purchase and sale agreements with Berkshire Property Advisors, LLC relating to six of the properties and affiliates of UBS Realty Investors LLC relating to three of the properties, for an aggregate purchase price of approximately $700M.
“The delivery and conveyance of these multifamily projects by our client occurred as construction was being completed, presenting numerous practical and legal issues and requiring a multidisciplinary legal services delivery approach,” said Walter Fisher, Charlotte Partner, Troutman Sanders. “Fortunately, we have the advantage of broad real estate experience and the ability to work seamlessly across offices and practice groups, which helped us stay properly on track and focused to successfully achieve our client’s objectives.”
Fisher, assisted by Charlotte associate Michael Andersen, led a team of lawyers located in the firm’s Charlotte, Raleigh, Washington, D.C. and Atlanta offices in handling various aspects of all nine transactions.
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