Crescent Communities and Heitman have formed a second joint venture to invest in Crescent’s expanding single-family build-to-rent (BTR) platform. The new partnership begins with a $240 million initial commitment, with the capacity to grow to $340 million, and is expected to support development of approximately six communities across the Sunbelt and other emerging growth states. 

The new venture builds on the momentum of the firms’ first joint initiative, launched in 2024 with an initial $235 million commitment that later increased to $345 million. That partnership funded six HARMON communities in North Carolina, Georgia, Florida, Tennessee, Texas, and Arizona. The second venture is expected to target these same markets while also expanding into Colorado. 

“Launching a second joint venture with Heitman is a powerful validation of our team’s ability to identify and deliver high-quality development opportunities within this growing sector,” said Tony Chen, Senior Managing Director of Single-Family Build-to-Rent at Crescent Communities. 

Like the first venture, all communities will be delivered under the HARMON by Crescent Communities brand. 

“As demographic and affordability trends continue to fuel rental demand, we see Crescent and the HARMON portfolio as well-equipped to lead this sector,” added Ashish Karamchandani, Managing Director and Co-Head of Acquisitions at Heitman. 

Crescent Communities continues to scale nationally, with $7.2 billion in multifamily and commercial projects in development. Heitman, founded in 1966, oversees $48 billion in assets globally as of June 30, 2025. 

Pictured: HARMON Ascend (Phoenix)