Crescent Communities and Heitman Announce Second Joint Venture Partnership, Expanding Relationship to $585 Million
CHARLOTTE, North Carolina, and CHICAGO (Dec. 2, 2025): Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, and Heitman, a real estate investment management firm, today announced the formation of a second joint venture to invest in Crescent Communities’ single-family build-to-rent platform across key strategic growth markets. This second venture will begin with an initial commitment of $240 million, with the ability to expand up to $340 million, and will fund approximately six communities across attractive Sunbelt and emerging growth states.
The announcement follows the success of the first joint venture between Crescent Communities and Heitman, which launched in 2024 with an initial $235 million commitment, later expanded to $345 million. The first venture invested in six HARMON communities across North Carolina, Georgia, Florida, Tennessee, Texas, and Arizona, including HARMON Ascend (Phoenix), HARMON Ashton Oaks (Tampa), HARMON Cedar Run (Atlanta), HARMON Jefferson Village (Greensboro), HARMON Melissa (Dallas), and HARMON West Meade (Nashville). Under the second venture, it is anticipated that new investments will be made in the same markets as well as Colorado, reinforcing Crescent Communities’ strategy to expand thoughtfully into high-demand housing markets.
“Launching a second joint venture with Heitman is a powerful validation of our team’s ability to identify and deliver high-quality development opportunities within this growing sector,” said Tony Chen, Senior Managing Director of Single-Family Build-to-Rent at Crescent Communities. “As our first joint venture portfolio nears its initial community openings, we’re proud to deepen our relationship with Heitman to expand the HARMON brand and further establish Crescent Communities as a leader in the single-family build-to-rent space.”
As with the prior venture, the communities developed under the second joint venture will become part of the HARMON by Crescent Communities brand, offering residents the benefits of single-family living – including privacy, extra space, and a strong sense of community – without the traditional burdens and costs of ownership. Each community will feature townhomes and/or single-family houses, energy- and water-efficient construction, and curated amenity spaces designed to foster connection and pride of place.
“Our decision to launch a second joint venture with Crescent Communities is driven by their proven track record in identifying and executing high-caliber development opportunities,” said Ashish Karamchandani, Managing Director and Co-Head of Acquisitions at Heitman. “As demographic and affordability trends continue to fuel rental demand, we see Crescent and the HARMON portfolio as well-equipped to lead this sector.”
Nationwide, Crescent Communities continues to experience significant growth with $7.2 billion of multifamily and commercial investments and developments in various stages of construction, operations, and planning. That portfolio includes 15,300 multifamily units; 58,000 square feet of complementary retail space; and 7.5 million square feet of industrial, life-sciences, and office facilities. With a focus on environmental sustainability and wellness, Crescent Communities is a leading recipient of LEED, NGBS (National Green Building Standard), Fitwel, and WELL certifications.
View photos and renderings of HARMON communities here.
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About Crescent Communities:
Crescent Communities is a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use "communities." We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 95 multifamily communities and 26 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
About Heitman:
Heitman is a global real estate investment management firm with $48 billion in assets under management as of June 30, 2025. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly traded real estate securities.
