Crescent Communities Announces Sale of NOVEL Midtown Phoenix
PHOENIX, AZ (March 2, 2022) – Crescent Communities is pleased to announce the sale of NOVEL Midtown Phoenix, one of six communities Crescent Communities has developed in the Phoenix market. MAA, the nation’s largest apartment owner-operator and the majority financial partner in the development of NOVEL Midtown Phoenix, purchased Crescent Communities’ interest in the community on February 17, 2022.
“It has been rewarding to partner with MAA from the beginning on this project and to watch NOVEL Midtown Phoenix grow into a thriving and highly desirable community within the greater Valley area,” said Ben Krasnow, Managing Director for the Southwest region of the Crescent Communities multifamily team. “Crescent Communities is thrilled with the successful lease up of NOVEL Midtown Phoenix, and with the strong relationship we’ve forged with MAA.”
NOVEL Midtown Phoenix by Crescent Communities, located at 400 East Earll Drive, welcomed its first residents in January 2021. The midcentury modern inspired community is within biking distance of Encanto Park, which boasts 222 acres of lush landscape, as well as the thriving arts district full of restaurants and retail options, providing residents endless social and recreational opportunities.
Within the community, residents have access to exclusive amenities and spaces designed to connect, including a resort-style pool and surrounding cabanas, a coffee bar, cantina, speakeasy lounge with hidden access, a lawn for games and movies equipped with a vintage Airstream, and a spacious two-story state of the art fitness center. NOVEL Midtown Phoenix also offers a host of amenities with practical purpose and convenience in mind, including rentable storage units, a contact-less package-delivery system, electric car-charging stations, access-controlled bike storage, a private parking garage, and a pet grooming room. Photos of NOVEL Midtown Phoenix are available here.
Crescent Communities’ partners in the development of NOVEL Midtown Phoenix included general contractor CHASSE Building Team, civil engineering firm StanTec, and Davis Partnership for architecture, landscaping, and interior design.
Crescent Communities has plans to continue strategically growing in Phoenix on both the residential and commercial fronts. Just this month, the company announced its partnership with Creation RE + PE and real estate investment firm FCP for it latest office, retail and and multifamily development, Heritage Park. The community will offer a unique live – work – play environment to the Southeast Valley of Phoenix, with a target completion date of 2024. Crescent Communities is also under construction on NOVEL Val Vista. As the Phoenix market continues to grow, Crescent Communities intends to further its investment and development of multifamily homes, build-to-rent homes, and office spaces, with more announcements to come later this year.
More broadly, Crescent Communities continues to experience significant growth with $6.0 billion of multifamily and commercial investments and developments currently under construction, operations and planning including 13,000 units of multifamily, 260,000 square feet of complementary retail and 8.0 million square feet of office, industrial and life-sciences. With a focus on sustainable development practices, the organization pursues USGBC LEED certification for commercial spaces and NGBS certification for multifamily residences.
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 69 multifamily communities, 22 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.
About MAA
MAA, an S&P 500 company, is a real estate investment trust, or 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 December 31, 2021, MAA had ownership interest in 101,607 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.
