Crescent Communities, Heitman and a state pension fund separate account have formed a joint venture to invest in the HARMON by Crescent Communities single-family build-to-rent platform across 14 key strategic growth markets, with a $235 million initial investment in projects across North Carolina, Texas, Tennessee and Arizona, set to begin construction this spring.

The venture’s communities will become part of the HARMON by Crescent Communities brand, which focuses on offering a premier rental experience with the benefits traditionally associated with single-family living — including privacy, extra living space and a sense of community pride — without the friction of homeownership. Crescent Communities and Heitman will leverage their collective experience and track records across industry sectors to establish new and support existing communities of differentiated, high-quality housing options in attractive Sun Belt markets.

“We are excited to kick off this vent