NAIOP, the commercial real estate development association, has picked Crescent Communities as its 2024 Developer of the Year, noting how the company expanded its business in recent years to survive a difficult economic period.

Crescent, with headquarters in Charlotte, North Carolina, had 7.5 million square feet of industrial, life science and office space and more than 15,000 multifamily units under construction or in planning in 2023, NAIOP said. In the past three years, Crescent started mid-market multifamily and single-family build-to-rent brands to complement its existing luxury housing. It also launched new industrial and life sciences building designs.

“Its ongoing commitment to advancing the commercial real estate industry through cutting-edge innovation and exemplary real estate development across many property sectors is impressive,” Marc Selvitelli, NAIOP president and chief executive officer, said about Crescent in the statement.

Founded in 1963, Crescent has developed more than 82 multifamily projects and 24 million square feet of commercial space. “We are humbled that the organization has been recognized," Crescent CEO Brian Natwick said in the statement.

Crescent will receive its award during NAIOP’s CRE Converge conference in Las Vegas in October.