Crescent Communities Celebrates Groundbreaking of First Build-to-Rent Community
CHARLESTON, SC (October 29, 2021) – Crescent Communities proudly announces the groundbreaking of its first Build-to-Rent community, HARMON Foxbank, located 25 miles from downtown Charleston in the town of Moncks Corner, SC. As part of a joint venture by Crescent Communities and Pretium, HARMON Foxbank will be located at 723 Trotters Lane, Moncks Corner, SC, and will include 109 single-family townhomes. The groundbreaking ceremony took place on Thursday, October 28. Those in attendance included members of Crescent Communities, Pretium, Progress Residential, DRB Group, and United Community Bank (UCBI).
Crescent Communities and partner Pretium purchased the land in September 2021. Financing for the project is provided by United Community Bank, and first units will be available to rent in early 2022. HARMON Foxbank will be located near the entrance of the Foxbank neighborhood, a master-planned community that includes for-sale residences, a shopping center, and a newly constructed elementary school.
“Single-family build-to-rent allows Crescent Communities to be a part of the solution to the tremendous under-supply of rental housing in the U.S., and this partnership enables us to develop more than 3,000 new rental homes,” said Tony Chen, Managing Director, Single-Family Build-to-Rent at Crescent Communities. “We look forward to applying best practices from our experience in mixed-use development and are excited to partner with Pretium, which has extensive experience scaling and managing single-family rental portfolios using technology-enabled operating processes.”
Crescent Communities and Pretium announced in September the formation of the joint venture with plans to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. HARMON Foxbank will be the first debut of this partnership, closely followed by communities in other cities throughout the Sunbelt.
The venture will have a competitive advantage through Crescent Communities’ affiliate relationship with homebuilders in the Sumitomo Forestry portfolio, which operates across the U.S. and collectively builds over 10,000 homes annually. This affiliate relationship offers the venture strategic homebuilding delivery and increased sourcing opportunities that are expected to drive rapid growth for the platform. Progress Residential, Pretium’s single-family rental platform and a leading manager of build-to-rent communities, will manage HARMON Foxbank.
“The venture is a natural extension of our industry leading single-family rental platform and an opportunity to offer our residents a gateway opportunity to owning homes in great neighborhoods,” said Matt Johnston, Managing Director, Head of Build-to-Rent at Pretium. “With a complementary market leader in Crescent Communities, we believe this makes for a strong partnership and we look forward to working together to provide accessible, high-quality and professionally-managed build-to-rent housing options in some of the most attractive markets in the country.”
Residents of HARMON Foxbank will have access to the shared, master-planned Foxbank community amenities, including a pool, children’s play area, and lake, among others. Residents will also have access to a community garden, specific to just HARMON Foxbank.
Design and construction partners for this project include DRB Group, an affiliate homebuilder with Sumitomo Forestry, LandDesign, and 505 Design.
More broadly, Crescent Communities continues to experience significant growth with $6.0 billion of multifamily and commercial investments and developments currently under construction, operations and planning including 13,000 units of multifamily, 260,000 square feet of complimentary retail and 8.0 million square feet of office, industrial and life-sciences. With a focus on sustainable development practices, the organization pursues USGBC LEED certification for commercial spaces and NGBS certification for multifamily residences.
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 residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 69 multifamily communities, 22 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities.