Crescent Communities and ParkProperty Capital Announce New Multifamily Community In Richmond
CHARLOTTE, NC (May 18, 2022) – Nationally recognized Crescent Communities and multifamily real estate investment firm ParkProperty Capital (“PPC”) are pleased to announce plans for construction of a new multifamily community in Richmond, Virginia. NOVEL Scott’s Addition marks Crescent Communities’ first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners (“TRP”). Construction is slated to begin this month.
“NOVEL Scott’s Addition demonstrates Crescent Communities’ commitment to continued and strategic growth into new and growing markets, such as Richmond,” said Brandon Wright, Crescent Communities’ Managing Director for Washington, D.C., Virginia and Maryland. “We are thrilled with the residential community that we have designed for this site and to introduce NOVEL to the thriving Scott’s Addition neighborhood.”
Located at the former Wesco Distribution site at 2902 North Arthur Ashe Boulevard, NOVEL Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond and just 2.5 miles from the City Center. The five-story wrap building with a seven-story corner pop-out will offer 275 for-rent residences, featuring a mix of studio, 1-, and 2-bedroom apartment homes with a limited number of unique loft homes making up the top floor. First residences are scheduled for delivery in early 2024.
NOVEL Scott’s Addition is designed to blend the area’s vibrant personality with sophisticated and elevated living. Amenities will include a resort-style pool with expansive pool deck, multiple dining and gathering spaces – including a fireside lounge, a library, co-working rooms, a dog park and spa, Garden Dining Room, Sky Deck, and even a resident Speakeasy.
“We are excited to invest with such a high-quality developer in Crescent Communities and grow our footprint in the Mid-Atlantic,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our first investment in Richmond and Scott’s Addition, and we see a lot of opportunity in this historic and quickly revitalizing neighborhood. As the first investment in our second discretionary fund, which invests in similar development opportunities throughout the major markets in the Sun Belt region. This is an important milestone for ParkProperty Capital on multiple fronts.”
“TRP is excited to partner with Crescent Communities and ParkProperty Capital on this development, and it’s been a pleasure working with them over the last year on the thoughtful design of the project,” said Matt Raggi, Principal of Thalhimer Realty Partners. “Scott’s Addition is experiencing very strong growth and demand, and we believe the NOVEL community will be well received, with best-in-class amenities and exceptional living spaces. We look forward to starting construction.”
Partners for NOVEL Scott’s Addition include architecture firm KTGY, civil engineer Kimley Horn, landscape architect LandDesign, interior design by CID Design Group, and Clancy & Theys as the general contractor.
More broadly, Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations, and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial and life-sciences. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
Additional details surrounding the community will be announced at a later date. Renderings are available here.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 77 multifamily communities, 24 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our residential communities are branded NOVEL, RENDER and HARMON by Crescent Communities and our industrial developments are branded AXIAL by Crescent Communities.
About ParkProperty Capital
ParkProperty Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of over 4,000 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.
About Thalhimer Realty Partners
Thalhimer Realty Partners is a private real estate investment firm with a portfolio of commercial and multifamily assets valued at greater than $775 million. Thalhimer Realty Partners seeks to acquire, position and operate properties with the goal of maximizing long term cash flow and value for its investment partners. The Company is headquartered in Richmond, Virginia, with assets located throughout the Southeast Region. For more information, visit thalhimerrealtypartners.com.
