Troutman Sanders Counsels Crescent Communities on Sale of Crescent Main Street
ATLANTA – July 7, 2015 – Troutman Sanders LLP announced today that it counseled firm client Crescent Communities on the sale of luxury apartment community Crescent Main Street, located in Durham to affiliates of Berkshire Group. The transaction was announced in a press release on July 6, 2015.
The transaction is part of the portfolio sale of nine newly-constructed luxury multifamily projects located in Tampa and Orlando, FL; Atlanta, GA; and Charlotte, Raleigh and Durham, NC. Troutman Sanders has represented Crescent on virtually all aspects of the project, including the drafting and negotiation of the listing brokerage agreement with CBRE, Inc. and the drafting and negotiation of separate purchase and sale agreements with Berkshire Property Advisors, LLC (six properties) and affiliates of UBS Realty Investors LLC (three properties), for an aggregate purchase price of approximately $700M. The sales and closings are occurring on a "rolling" basis as the construction is wrapped up on each project. The first closing (Crescent Bayshore in Tampa) occurred in mid-October, three closings occurred in December (Crescent Terminus in Atlanta, Crescent Cameron Village in Raleigh and Crescent Ninth Street in Durham), and the most recent closing (Crescent Howell Mill in Atlanta) closed in May. The remaining three projects are scheduled to be completed later this year.
Charlotte partner Walter Fisher, assisted by Charlotte associate Michael Andersen, led a team of lawyers located in the firm’s Charlotte, Raleigh, Washington and Atlanta offices in handling various aspects of these transactions.
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