Final Purchase of Six-Property Portfolio
BOSTON, MA — July 27, 2016 — Berkshire Group announced the purchase of Crescent Dilworth in Charlotte, North Carolina, from Crescent Communities. The 296-unit apartment community is located in the historic Dilworth neighborhood, which is adjacent to Uptown and home to Carolinas Medical Center.
This purchase is the final apartment community of a portfolio of properties Berkshire affiliates planned to acquire from Crescent in a pre-sale portfolio transaction. The portfolio consisted of approximately 1,700 units with properties located in major Southeastern U.S. markets.
“Dilworth marks the sixth Crescent community that Berkshire acquired upon completion, and we have tracked its progress since construction started,” stated Eric Draeger, Managing Director, Head of Transactions, Berkshire Group. “This was also a great opportunity to invest in Charlotte, which fits into our overall acquisitions strategy of choosing great product in carefully selected U.S. markets.”
Berkshire Dilworth is comprised of studio, one- and two-bedroom apartments with chef-inspired gourmet kitchens, modern hardware and fixtures, soaking tubs, walk-in showers with tile surrounds, and a first class common area amenity package.
About Berkshire Group
Berkshire Group is a real estate investment management company primarily known for its multifamily investment and operational experience. In addition to deploying capital through equity, debt and development in the multifamily arena, Berkshire invests in opportunistic ventures in other real estate sectors through its Venture Investments group. Over more than four decades, Berkshire’s team of industry leaders has gained a reputation for being able to identify opportunities and effectively manage through various economic environments, establishing a long-term track record of solid performance based on thoughtful, leading edge strategies, and operational experience. The Company has experience in disciplines including acquisitions, portfolio and property management, debt, development and redevelopment. Berkshire, a registered investment advisor, is headquartered in Boston and has offices in Atlanta, New York, Baltimore, Dallas, Houston and San Francisco. As of March 31, 2016, Berkshire Group had approximately $6.3 billion in real estate assets under management. For more information on Berkshire, please visit www.berkshire-group.com.