Crescent Communities will launch a build-for-rent platform led by a former senior executive at Atlanta-based FirstKey Homes. 

The move marks Crescent's initial expansion into the single-family, build-to-rent business, which has been booming this year as investors follow new migration patterns wrought by the COVID-19 crisis and homeownership continues to elude many would-be buyers across growth markets in the US. Crescent's BFR initial strategy centers around four major cities—Atlanta, Charlotte, Charleston, and Raleigh—and each community will consist of up to 200 residences, with a combination of three- and four-bedroom townhomes and/or detached single family houses.

Tony Chen will lead the new initiative and joined Crescent as a Managing Director this week, the company said in a statement. Chen most recently served as Vice President, Chief of Staff, and Head of Office of Strategic Initiatives at FirstKey Homes, and his career also includes stints at Deloitte and Bank of America Merrill Lynch. He will report to Crescent's President and COO Brian Natwick.