Crescent Communities Announces Sale of a Multifamily Community in Charlotte
CHARLOTTE, NC (September 14, 2022) – Crescent Communities is pleased to announce the sale of NOVEL LoSo Station, one of the many multifamily communities the company has developed within the Charlotte market, to Mid-America Apartment Communities (“MAA”).
“Since opening, we have watched NOVEL LoSo Station transform into a flourishing community, proving the viability of Lower South End as a prime neighborhood destination in Charlotte,” said Michael Tubridy, Senior Managing Director for the Carolinas & Tennessee for Crescent Communities. “We look forward to watching its continued growth and success as MAA adds a phenomenal asset to their portfolio of communities.”
Located at 4015 Craft Street with direct access to the Scaleybark Light Rail Station, NOVEL LoSo Station offers 344 for-rent residences with an integrated LTH Coffee & Social acting as a ground level third space for residents and visitors alike. The multifamily community is a part of the larger LoSo Station master development by Beacon Partners, including over 500,000 square feet of corporate office space, 45,000 square feet of retail space, and 125 townhomes. Well-situated in the thriving Lower South End (“LoSo”) neighborhood, NOVEL LoSo Station is walking distance to numerous restaurants and entertainment options including Gilde Brewing, Red Clay Ciderworks, Chef Alyssa’s Kitchen, Queen Park Social, The Suffolk Punch, and more.
Within NOVEL LoSo Station, residents can choose between studio, one-, two-, and three-bedroom floor plans with high-end finishes and luxury community amenities including a double story fitness center with dedicated yoga and spin room, full-service coffee bar, co-working club area, saltwater pool with tanning ledge, rooftop terrace with outdoor heated space and TV, and outdoor grilling and picnic areas. The property has received WiredScore Gold and Fitwel certifications.
Financing for NOVEL LoSo Station was provided by Goldman Sachs. Crescent Communities Construction served as the general contractor. Additional design and construction partners include Dwell Design Studio, Historical Concepts, LandDesign, CID, and Dix. Hite + Partners. Imagery of NOVEL LoSo Station and LTH Coffee & Social is available upon request.
This sale comes as Crescent Communities continues to expand its footprint in the Charlotte market. The company recently announced the land closings of two build-to-rent communities, HARMON Five Points and HARMON Ballantyne, the development of multifamily communities NOVEL Mallard Creek and NOVEL University Place, both of which are currently under construction, and the forthcoming groundbreaking of NOVEL Ballantyne.
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 science. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
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 multifamily 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 MAA
MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States. As of September 14, 2022, MAA had ownership interest in 101,573 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com or contact Investor Relations at investor.relations@maac.com, or via mail at MAA, 6815 Poplar Ave., Suite 500, Germantown, TN 38138, Attn: Investor Relations.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
