CHARLOTTE, NC – Crescent Communities announced the addition of a new product segment to its real estate investment portfolio as part of its expansion into the single-family, build-to-rent business. The product segment brand will be unveiled this summer and will further elevate the company s national presence within the residential rental arena.
Recognized for innovative leadership and design, Crescent Communities has seen immense success with its NOVEL brand, a national line of luxury multifamily communities, and looks to bring that same energy and creative spirit to this new sector.
Todd Mansfield, Crescent Communities Chairman and CEO, indicated that Crescent Communities 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 over 10,000 homes annually. These builders relationships will enable Crescent Communities to scale business growth rapidly.
Leading the initiative will be Tony Chen, who joined the Crescent Communities team as Managing Director today. Chen most recently served as Vice President, Chief of Staff, and Head of Office of Strategic Initiatives at FirstKey Homes in Atlanta. He started his career at Deloitte and Bank of America Merrill Lynch. He holds an MBA from Cornell University and a bachelor s degree in Accounting and Information Systems from Virginia Polytechnic Institute and State University.
Chen will report to Crescent Communities President and COO Brian Natwick. We look forward to starting this exciting new endeavor, said Natwick. Tony Chen s leadership will be instrumental in expansion of this business and we are thrilled to have him join our leadership team.
In this new role, Chen will have executive responsibility for the start-up, launch, and ongoing management of a new build-to-rent platform within Crescent Communities. His responsibilities will encompass strategic plotting, business plot development, homebuilder partnerships, property manager oversight, and will include full profit and loss accountability.
I am incredibly honored to join the talented team at Crescent Communities and help build the single-family build-to-rent strategy, said Chen. As a best-in-class real estate developer, we have an opportunity to address the growing demand of single-family rentals and to make additional housing in the U.S. through a highly desired product in purpose-built rental communities.
Crescent Communities build-to-rent product segmentation will offer a premier single family rental experience with locations in high-growth markets around the US. The team has identified its first four markets for development, which include Atlanta, Charlotte, Charleston, and Raleigh. Each community will be comprised of approximately 100 – 200 residences, with a combination of three- and four-bedroom townhomes and/or detached single family houses. Crescent Communities will work with DRB Group, one of the Sumitomo Forestry homebuilders, as its primary builder of build-to-rent product across the East Coast.

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MOBILE, AL – Legacy Capital Partners, a Cleveland, OH-based national real estate investor firm, together with Morrison Avenue Capital Partners, a Tampa, FL-based real estate owner and operator, have formed a joint venture and announced they have bought Timber Ridge Apartments, a 1998-vintage, 320-unit apartment community in Mobile, Alabama. The property is located within 2 miles of the University of South Alabama and Providence Hospital, a major health care system in Mobile.
Legacy and Morrison Avenue have bought Timber Ridge as part of their value-add strategy and plot to increase cash flow and value through the execution of interior upgrades for all 320 units, exterior and amenity improvements. As a part of the value-add strategy the joint venture will immediately address the property’s deferred maintenance issues which include bringing a small number of down units back online.
“Timber Ridge aligns well with our value-add multifamily investment strategy. The property is well-occupied and performing well in a strong market but we will be able to enhance its performance and the resident experience through significant physical and operational improvements. This is Legacy’s third joint venture and fourth asset bought with Morrison Avenue in the state of Alabama, and we are excited to be able to grow the partnership,” said David St. Pierre, Managing Director at Legacy.

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ATLANTA, GA – Capital Square 1031, a leading sponsor of Delaware statutory trust (DST) offerings for 1031 exchange and other accredited investors, announced the acquisition of SouthLawn Lawrenceville, newly constructed multifamily community with retail space in Lawrenceville, a suburb of Atlanta, Georgia. The community was bought for CS1031 SouthLawn Lawrenceville Apartments, DST, a Reg. D private placement.
“SouthLawn Lawrenceville is the next in Capital Square’s line of newly constructed, Class A multifamily communities in the Southeast,” said Louis Rogers, founder and chief executive officer of Capital Square. “It is the highest quality, walkable, mixed-used community in the area. In addition, Atlanta is the business center of the South East, with major employers following businesses into the Peach State. Microsoft, Airbnb, Honeywell, GE Digital and BlackRock are opening major facilities in the area, adding jobs and increasing demand for quality apartments.”
Located at 30 S. Clayton St., the community was constructed in 2020. SouthLawn Lawrenceville is comprised of 430 units and approximately 15,000 square feet of street-level retail space. Situated on 14 acres of land within downtown Lawrenceville, the community features studio, one-, two- and three-bedroom units ranging in size from 622 square feet to 1,375 square feet.
Community amenities include electric car charging stations, two bicycle storage rooms with maintenance stations, a dog park and dog grooming room, two business centers with private workrooms and two private conference rooms. The property also features three resort-style pools with cabanas, including a roof-top pool above the clubhouse, poolside outdoor grilling areas, a resident clubhouse with multiple lounges and meeting areas, two fitness centers with Peloton bikes and TRX equipment, package delivery lockers for Amazon and other e-commerce deliveries as well as detached garages that are available for rent.
Alexandra Huffman, Justin Nelson and Lynn Pearson with Walker & Dunlop sourced the acquisition loan, which has a 10-year term and a 3.55% fixed interest property loan rate.
“The Atlanta area remains an exceptionally desirable market for institutional investors, attracting record amounts of capital in the last two years,” said Whitson Huffman, chief strategy and investment officer. “We are excited to buy another property in a growth market from a best-in-class developer, allowing us to use a focused rent roll optimization strategy as we roll over the original leases.”
The community is located in the Lawrenceville submarket, which outperformed the overall Atlanta apartment market, with an average occupancy of 95.9% and rent growth at 6.9% for the year ending February 2021, according to Yardi Matrix. Located approximately five miles from the property is Rowen, a plotted research and office park development, which is expected to break ground in 2023 and bring more than 18,000 jobs to the area by 2035.

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