CHARLOTTE, NC – Crescent Communities announced the addition of a new segment of products to its real estate investment portfolio as part of its expansion into the single family home rental. The brand of the product segment will be presented this summer and further expand the company's national presence in the area of residential property rental.
Known for its innovative leadership and design, Crescent Communities has achieved immense success with its NOVEL brand, a national line of luxury multi-family communities. The aim is to give this new sector the same energy and creative spirit.
Todd Mansfield, Chairman and CEO of Crescent Communities stated that Crescent Communities' competitive advantage in renting buildings will be their affiliate relationship with home builders in the Sumitomo Forestry portfolio. The builders operate in the United States and build over 10,000 homes annually. These home builders' relationships allow Crescent Communities to quickly scale business growth.
At the head of the initiative is Tony Chen, who today joined the Crescent Communities team as Managing Director. Chen most recently served as vice president, chief of staff, and director of strategic initiatives at FirstKey Homes in Atlanta. He began his career at Deloitte and Bank of America Merrill Lynch. He has an MBA from Cornell University and bachelor's degrees in accounting and information systems from Virginia Polytechnic Institute and State University.
Chen will report to Crescent Communities President and COO Brian Natwick. "We look forward to starting this exciting new company," said Natwick. "Tony Chen's leadership will be instrumental in growing this business and we look forward to welcoming him to our leadership team."
In this new role, Chen will be responsible for the commissioning, launch and ongoing management of a new rental platform within the Crescent Communities. His responsibilities include strategic planning, developing business plans, partnering with builders and overseeing property managers, and taking full profit and loss responsibility.
"I am incredibly honored to join the talented team at Crescent Communities and help build their single-family rental strategy," said Chen. "As a first-class real estate developer, we have the opportunity to meet the growing demand for single-family homes and to create additional living space in the USA through a coveted product in specially built rental communities."
Crescent Communities' build-to-rent product segmentation provides a premier single-family home rental experience with locations in high-growth markets in the United States. The team has identified the first four developing markets, including Atlanta, Charlotte, Charleston and Raleigh. Each parish will consist of approximately 100 to 200 apartments with a combination of three and four bedroom townhouses and / or detached single family homes. Crescent Communities will partner with DRB Group, one of Sumitomo Forestry homebuilders, as the main builder of rental products on the East Coast.