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CNL Growth Properties to Sell Third Multifamily Development with Crescent JV

CNL Growth Properties Inc., a publicly registered non-traded real estate investment trust, and a joint venture with Crescent Cool Springs Venture LLC, entered into an agreement to sell the Crescent Cool Springs multifamily property in the Nashville suburb of Franklin, Tennessee. The buyer, SHLP Acquisition LLC, has agreed to purchase the property for approximately $60 million. The sale is expected to close on or about September 30, 2015, but no later than October 8, 2015.

The joint venture, in which CNL Growth Properties has a 60 percent interest, original purchased the 13.8-acre parcel of land in June 2013 for $5 million and constructed the 252-unit Class A multifamily community with a $40.3 million development budget.

As previously reported by the company, three of the its four joint ventures with Crescent are in the process of being sold, including Crescent Alexander Village and Crescent Crosstown.

Last week, The DI Wire reported that these two properties are currently under contract for sale, and are scheduled to close on September 29, 2015 and October 5, 2015, respectively.

CNL Growth Properties is a non-traded real estate investment trust that seeks commercial real estate investment opportunities in growth-oriented markets with a focus on multifamily development. As of June 30, 2015, the company owned interests in 16 Class A multifamily properties, eight of which were operational and as to which development was complete and eight of which were under development, including two of which were partially operational. CNL Growth Properties has a total of 2,026 completed apartment units and expects to have approximately 3,800 units (excluding 916 units relating to the Crosstown, Alexander Village and the Cool Springs properties which are included in real estate held for sale) once construction is completed on its properties under development.