Crescent Communities has been sold three of its key businesses to Sumitomo Forestry America, a wholly-owned subsidiary of Japan-based Sumitomo Forestry Co.
The transaction is expected to close in the second quarter of 2018 and is subject to customary closing conditions. The transaction is not subject to any financing contingency.
The acquired business will take the Crescent Communities name and remain headquartered in Charlotte, North Carolina, under the existing management team. Palmetto Bluff, the acclaimed 20,000-acre resort community with a Montage branded hotel located in Bluffton, S.C., will be retained by Crescent Communities’ existing owners, with the local management team continuing in their roles and David O’Donoghue continuing to serve as president.
Sumitomo Forestry America will acquire Crescent Communities’ multifamily, single family, and commercial and mixed use businesses. Crescent Communities’ multifamily business, operating under the “NOVEL by Crescent Communities” brand, includes 20 communities in development and/or operations, totaling approximately 6,400 units. The company’s Fielding Homes single-family home building business includes more than 1,700 single-family lots across six communities in Charlotte and Raleigh-Durham. The commercial and mixed-use business development portfolio includes nearly 1.5 million square feet of assets, including the recently announced 742,000-square-foot Ally Charlotte Center project in Charlotte. In addition, Sumitomo Forestry America is also acquiring Crescent Communities’ development pipeline of nearly $2 billion of real estate projects, including 5,500 multifamily units, 2,200 single family units, and 2.5 million square feet of office and industrial
