Crescent Communities and Heitman Upsize Joint Venture Partnership Under Crescent’s Build-to-Rent HARMON Portfolio
ATLANTA (April 29, 2025): Crescent Communities, a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, today announced the land closing at its newest single-family development, HARMON Cedar Run, part of an upsizing of its joint venture partnership with Heitman LLC. With 151 three- and four-bedroom townhomes and single-family homes, HARMON Cedar Run – Crescent’s first HARMON property in the greater Atlanta market – is set to welcome its first residents in late 2025, offering a unique living experience centered on play, engagement, and community-driven design.
Situated on 38 acres in Gwinnett County, one of the fastest-growing regions in the Southeast, HARMON Cedar Run benefits from its strategic placement just 30 miles northeast of Atlanta. The community offers convenient access to major employment and lifestyle hubs, including Northside Hospital Gwinnett – currently undergoing a significant expansion with a new patient tower – Primerica’s corporate headquarters, Georgia Gwinnett College, and a Publix distribution center, all of which contribute to the area’s economic growth. More than just a collection of homes, HARMON Cedar Run is envisioned as an interactive neighborhood where residents will build lasting connections and immerse themselves in a lifestyle centered on togetherness.
“We’re committed to creating spaces that inspire meaningful relationships and active living, and HARMON Cedar Run is a carefully curated environment where neighbors don’t just live near each other but have the opportunity to truly connect through shared experiences,” said Tony Chen, Senior Managing Director of Single-Family Build-to-Rent at Crescent Communities. “By designing each aspect with intentionality, we’re crafting a neighborhood that goes beyond traditional living and fosters a genuine sense of belonging.”
The project’s equity partner is a separate account managed by Heitman LLC, which has expanded its joint venture with Crescent Communities’ HARMON portfolio to $345 million – an increased commitment from its initial $235 million investment. The supplemental financing includes the investment in HARMON Cedar Run and a sixth investment anticipated to close later this year. The upsizing reflects the growing demand for high-quality, intentionally crafted communities in key growth markets including Arizona, Florida, Georgia, North Carolina, Tennessee, and Texas.
“We are excited to expand our partnership with Crescent Communities. The growth of the HARMON portfolio demonstrates the demand we are observing in the single-family rental sector,” said Ashish Karamchandani, Managing Director and Co-Head of North American Acquisitions at Heitman. “We look forward to continuing to invest in communities that we believe will bring long-term value to residents.”
Designed with community engagement in mind, HARMON Cedar Run will feature a dedicated activity area, including a pool, covered seating areas, and multi-purpose sports court; expansive green spaces; a game lawn; and a network of walkable trails and sidewalks connecting the community to surrounding natural areas.
DRB Group, a Sumitomo Forestry Co., Ltd affiliate company will serve as the development’s homebuilder. Crescent Communities is also an affiliate of Sumitomo Forestry Co., Ltd.
HARMON Cedar Run marks Crescent Communities’ 13th multifamily investment in the greater Atlanta market. Last fall, Crescent celebrated the land closing of RENDER Douglasville, which is expected to deliver in early 2026, while RENDER Turner Lake is expected to deliver before year’s end. Two additional RENDER communities – RENDER Stockbridge and RENDER Covington – as well as NOVEL West Midtown are currently leasing within the market. While Crescent’s Class A NOVEL brand delivers luxury residences in urban environments, its HARMON brand includes build-to-rent communities, and RENDER focuses on developing best-in-class suburban multifamily communities with local character at a more approachable cost.
Nationwide, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments in various stages of construction, operations, and planning. That pipeline includes 15,300 multi- and single-family build-to-rent units; 58,000 square feet of complementary retail space; and 7.5 million square feet of office, industrial, and life-sciences 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.
Renderings of HARMON Cedar Run can be found 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 86 multifamily communities and 25 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 December 31, 2024. 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.
