Laurel Street Residential Aquires Crosland’s Multi-family Affordable Housing Division

By Amalia Otet, Associate Editor

Laurel Street Residential has purchased the multi-family affordable housing development division from Crosland, LLC for an undisclosed price, according to MHN online.

Charlotte-based Crosland, LLC had decided in 2011 to divest its operating divisions and focus mainly on asset management rather than development as part of a strategic plan to maximize the value of their portfolio. As a consequence, Ravin Partners purchased Crosland’s market-rate multifamily development and construction departments, and Reader and Partners acquired part of Crosland’s land and community development units, encompassing projects developed in the Orlando, Tampa and Raleigh/Durham areas.

Laurel Street consists of Crosland’s former affordable housing development team and is majority-owned by Dionne Nelson, who is also the new company’s CEO. John Crosland, Jr. will participate in Laurel Street as a minority owner.

Specializing in mixed-income housing development, Laurel Street has three projects underway. Park Terrace Apartments, a joint venture with the High Point Housing Authority, will include 248 affordable homes in High Point, N.C. The complex will consist of a mix of one-, two- and three-bedroom garden apartments and three-bedroom town houses. 172 units have been developed so far as part of the first two phases, with phase three planned for 2012-2013.

Laurel Street will also begin work on a housing project in Charlotte as the on-site residential development partner for the redevelopment of Boulevard Homes, a venture that enjoys the full support of state and local authorities. The project had received a $20.9 million HOPE VI grant in 2010 for its cutting-edge educational village concept, and the city of Charlotte will chip in $7 million in infrastructure funds and another $5 million in housing trust funds. The community will feature 110 independent living units for seniors and 222 mixed-income family units. Construction on the senior units is slated to begin in the first quarter of 2012.

Finally, the company will manage the Dove Street Redevelopment project in Richmond, Va. in partnership with the Richmond Redevelopment & Housing Authority. The project, to be executed in multiple phases through 2015, will include mixed-income residential units, a new K-8 school and an adaptive re-use community space.

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