Crescent Communities Declares Sale of Denver Multifamily Crowd to Fairness Residential

NOVEL White Fence Farm transaction marks a key milestone in Crescent Communities’ Colorado expansion technique

DENVER, Aug. 9, 2024 /PRNewswire/ — Crescent Communities, a nationally identified, market-leading actual property investor, developer, and operator of mixed-use communities, these days introduced the sale of NOVEL White Fence Farm to actual property funding agree with Equity Residential. Newmark facilitated the sale in the name of Crescent Communities and fairness spouse ParkProperty Capital. Upon opening its doorways to citizens in October 2023, the 202-unit population marked Crescent Communities’ first residential building in Colorado.

NOVEL White Fence Farm is located within the picturesque Lakewood community simply 20 mins from the Colorado Foothills, 10 mins from Inexperienced Mountain, and inside of mins of downtown Lakewood and Belmar, offering citizens in depth buying groceries, eating, and leisure choices. The population is constructed at the web site of the enduring White Fence Farm eating place, the place the advance staff meticulously restored the eating place’s 12,500-square-foot Americana Barn into a novel population clubhouse. This cautious recovery preserves a vital piece of Lakewood’s historical past month offering citizens with an irreplaceable asset.

“NOVEL White Fence Farm exemplifies Crescent Communities’ dedication to creating thoughtfully designed, sustainable communities that honor local heritage,” stated Ben Krasnow, Crescent Communities’ managing director for Colorado. “This community has been a significant milestone for Crescent Communities, and we’re confident that the new ownership will uphold the high standards we have established, ensuring NOVEL White Fence Farm remains a cherished part of Lakewood’s landscape for years to come.”

Envisioned as a contemporary home grounded in native custom, NOVEL White Fence Farm is composed of three- and four-story elevator-served structures with studio, one-bedroom, and two-bedroom apartments. The population’s resort-style facilities come with the restored Americana Barn clubhouse; a spacious health studio with an Echelon Mirror Reflect and Echelon Roguish Motorbike; an all seasons sizzling puddle with adjoining open-air out of doors kitchen and prep section with grills, a pizza oven, and a smoker; versatile make money working from home areas; and a hospitality bar that includes espresso from Land of a Thousand Hills.

“The combination of a prime Denver metro location and Class A+ construction quality has created a generational multifamily asset,” stated Newmark Managing Director Courtney Crowder. “The offering was extremely well-received by the investment community, leading to a highly competitive bidding process with numerous groups bidding aggressively on the asset.”

Design companions come with structure company KTGY, internal clothier CID Design Group, park architect LandDesign, and civil engineer Kimley-Horn. The overall contractor for NOVEL White Fence Farm used to be CSI Construction.

The sale of NOVEL White Fence Farm comes as Crescent Communities appears to be like to make bigger its footprint all through Colorado. Along with NOVEL White Fence Farm, its portfolio within the pocket comprises the 483-unit NOVEL RiNo and the soon-to-open NOVEL Uptown in Denver’s bustling central industry district.

National, Crescent Communities continues to revel in important expansion with $7.2 billion of residential and business investments and tendencies in diverse levels of building, operations, and making plans. That pipeline comprises 15,300 multi- and single-family build-to-rent devices; 58,000 sq. ft of complementary retail area; and seven.5 million sq. ft of place of job, commercial, and life-sciences amenities. With a focal point on environmental sustainability and wellness, Crescent Communities is a main recipient of LEED, NGBS (Nationwide Inexperienced Development Same old), Fitwel, and WELL certifications.

About Crescent Communities:
Crescent Communities is a nationally identified, market-leading actual property investor, developer, and operator of mixed-use “communities.” We manufacture top of the range, differentiated multifamily and business communities in lots of the quickest rising markets in the US. Since 1963, our building portfolio has incorporated greater than 85 multifamily communities and 24 million sq. ft of industrial area. Crescent Communities has workplaces in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, and Phoenix. Our multifamily communities are branded NOVEL, RENDER, and HARMON via Crescent Communities, our commercial tendencies are branded AXIAL via Crescent Communities, and our lifestyles science tendencies are branded THE YIELD via Crescent Communities.