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Crescent Communities second multifamily project for Houston. Crescent plans to start 10 new developments this year and 10 more next year for a total of 7,000 units and $1.4B of construction. That includes Crescent Northgate (rendered here), a 300-unit community underway near the Hardy Toll Road and Grand Parkway intersection close to Exxon’s campus. It’ll deliver in late 2016. Crescent also owns a site in the River Oaks District (at Westheimer and Willowick) that it’s holding for future development. Brian tells us about half of the upcoming projects are in Southwestern markets like Phoenix, Denver, Houston and Dallas that weren’t in vogue compared to primary markets when the firm started lining up sites five years ago. Read more at: https://www.bisnow.com/houston/news/multifamily/big-change-crescent-communities-delves-into-multifamily-45856
Crescent Sells Houston Office Property Gain and Promoted Interest Realized FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 12, 2006--Crescent Real Estate Equities Company (NYSE:CEI) announced today that it has sold Three Westlake Park, a 414,792 square-foot office property in Houston, TX, in which Crescent owned a 20% stake in a joint venture with a pension fund. The office property was sold for $87.3 million, or $210 per square foot. Crescent expects to recognize in net income a gain on the sale of approximately $17 million. Included in this gain is approximately $7 million, which is attributable to Crescent's promoted interest and will be recognized in funds from operations, as adjusted ("FFO, as adjusted") as of December 31, 2006.