Crescent Communities, Heitman Launch Second JV in BTR Sector

Crescent Communities and Heitman have formed a second joint venture to invest in Crescent Communities’ single-family build-to-rent platform across key strategic growth markets. The second venture will begin with an initial commitment of $240 million and can expand up to $340 million. It will fund approximately six communities across Sunbelt and emerging growth states.

As with the prior venture, the properties developed under the second JV will become part of the HARMON by Crescent Communities brand. The first venture launched in 2024 with an initial $235-million commitment, later expanded to $345 million. It invested in six HARMON BTR communities across North Carolina, Georgia, Florida, Tennessee, Texas and Arizona. The new venture will target the same markets as well as Colorado.

“As our first joint venture portfolio nears its initial community openings, we’re proud to deepen our relationship with Heitman to expand the HARMON brand and further establish Crescent Communities as a leader in the single-family build-to-rent space,” said Tony Chen, senior managing director of single-family build-to-rent at Crescent.

Pictured: HARMON Jefferson Village in Greensboro, NC, one of six build-to-rent communities developed by the first Crescent/Heitman joint venture.

Attend Connect Southeast Multifamily on December 4^th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com

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