Charlotte, NC (April 20, 2021) – Crescent Communities announced today 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 began 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 planning, business plan 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 create 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.
Over the past decade, Crescent Communities has experienced significant growth by investing and developing over $6.3 billion of multifamily and commercial developments across 14 high growth markets and eight offices. The multifamily portfolio includes nearly 19,000 units and over 450,000 square feet of retail completed or under construction and planning, representing a total investment of $4.0 billion. The commercial portfolio includes 21 million square feet of office, industrial, and retail completed or under construction and planning, representing a total investment of $2.3 billion.
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 63 multifamily communities, 21 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 multifamily communities are branded NOVEL by Crescent Communities.