Charlotte, N.C.-based Crescent Communities is a company that develops apartments and office buildings and prepares lots for new homes before selling these lots to other homebuilders. But, according to The Wall Street Journal, Crescent is looking to enter the homebuilding market itself.
Crescent will be making a foray into residential construction with its new company, the privately held Fielding Homes, which is currently developing 64 lots near downtown Fort Mill, S.C. The homes in these developments will start around the mid-$300,000 range.
Crescent is operating under the belief that single-family homes have more meat on the bone and have not yet recovered to the extent multifamily housing has. With many Millennials finally ready to make the jump into homeownership, Crescent believes that it's jumping into this new business venture at the ideal moment. A big advantage for Crescent is that it already owns the plots of land in the planning and development stages. Fielding homes plans on building homes that bring higher-end sensibility throughout the Southeast.