Buckhead Development Sold to Berkshire Group Affiliate

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Photo Credit: Crescent Communities

A brand new 256-unit luxury apartment complex in Buckhead has been sold as part of a $700 million portfolio transaction, multiple sources report.

Costar reports that an affiliate of the Boston-based Berkshire Group has acquired the just-completed Crescent Howell Mill complex and plans to rebrand it as Berkshire Howell Mill. The complex has studio, one, and two bedroom apartments, a pool, a fitness center, a fire pit, a club room, and more.

Crescent Communities, the company which oversaw construction of the Howell Mill project, is divesting itself of nine developed properties in high-growth areas of the southeast, Commercial Property Executive reports. The deal to sell ownership of the Howell Mill complex to the Berkshire Group affiliate was decided before the complex was finished, and was the fifth-such handoff completed. In total, Crescent is planning to sell some $700 million worth of developed assets, Commercial Property Executive Says.

“Berkshire’s investment strategy is to focus on markets with favorable expected growth prospects and strong underlying fundamentals, as well as close proximity to major employers,” said David Olney, managing director and head of multifamily investments for Berkshire Group in a statement reprinted in part on Costar.