Houston Chronicle – Crescent Communities today announced it has sold three of its Texas single-family communities to funds managed by Castlelake, L.P.
The Charlotte-based Crescent sold 100 percent of its interests in The Groves in the northeast Houston suburb of Humble, Belterra in southwest Austin and Wildridge in the Dallas suburb of Oak Point. Crescent will continue to own and develop Bryson in the Austin suburb of Leander and maintain its joint venture partnership in Rough Hollow west of Austin in Lakeway.
“We’re proud of the communities that we’ve created in Texas, and we’re pleased a thoughtful, like-minded investor was interested in continuing the legacy that we started,” said Todd Mansfield, President and CEO of Crescent Communities. “The transaction supports Crescent’s strategic plans to reinvest and continue to grow our other single family and multifamily communities, our new homebuilding company Fielding Homes and our commercial / mixed use division.”
Crescent will work to ensure a smooth transition of the communities, which will be further developed and operated by Ashlar Development LLC. The Ashlar team includes many of the local professionals who are already managing these established and growing communities.