Crescent Communities is expanding into the single-family build-to-rent business. The Charlotte, North Carolina-based real estate developer and operator plans to further elevate its national presence in the residential rental arena with the unveiling of its new product segment brand this summer.
According to chairman and CEO Todd Mansfield, Crescent Communities has a competitive advantage in the build-to-rent space with the affiliate relationship it has with home builders in the Sumitomo Forestry portfolio, which operate across the U.S. These relationships will enable the firm to scale business growth rapidly, he said.
Crescent Communities’ build-to-rent product segmentation will target a premier single-family rental experience in high-growth markets, with Atlanta; Charlotte and Raleigh, North Carolina; and Charleston, South Carolina, identified as the first four markets for development. Each community will include approximately 100 to 200 residences with a combination of three- and four-bedroom townhomes and/or detached single-family homes. Crescent Communities will work with DRB Group, one of the Sumitomo Forestry home builders, as its primary builder of single-family build-to-rent product on the East Coast.
Industry veteran Tony Chen has joined Crescent Communities as managing director to lead the new initiative. He most recently served as vice president, chief of staff, and head of office of strategic initiatives at FirstKey Homes in Atlanta.
He will report to Crescent Communities president and chief operating officer 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.”
Chen will have executive responsibility for the start-up, launch, and ongoing management of the new build-to-rent platform. His responsibilities will include strategic planning, business plan development, home builder partnerships, property manager oversight, and full profit and loss accountability.
“I am incredibly honored to join the talented team at Crescent Communities and help build the single-family built-to-rent strategy,” he said. “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, ranked No. 15 on the National Multifamily Housing Council’s 2021 Top Developers list, has invested in and developed over $6.3 billion of multifamily and commercial developments across 14 high-growth markets and eight offices. Its multifamily portfolio includes nearly 19,000 units and over 450,000 square feet of retail completed or under construction and planning.
