Crescent Communities Adds Another Multifamily Community to University City Portfolio

Crescent Communities Adds Another Multifamily Community to University City Portfolio
Feb 14 '22

CHARLOTTE, NC (February 14, 2022)Crescent Communities is pleased to announce the expansion of its Charlotte footprint with the construction of a new multifamily community, NOVEL Mallard Creek, beginning this month. The development will be located in Charlotte’s burgeoning University City neighborhood in University Research Park, located at 9001 Senator Royall Drive, just south of its former NOVEL Research Park offering.

"NOVEL Mallard Creek demonstrates Crescent Communities’ commitment to creating differentiated experiences at each of our communities, " said Michael Tubridy, Managing Director of the Carolinas and Tennessee for Crescent Communities. "We already know the location is ideal and offers incredible access, so we wanted to focus on what would enhance our residents’ lifestyle, which led us to a nature-inspired community that focuses on wellness and a life built around harmony and well-being."

Crescent Communities and partner AEW Capital Management purchased the land in January 2022. Construction financing is being provided by Wells Fargo, with construction anticipated to begin later this month and first residences slated to be delivered in fall 2023. Design partners include architecture and interior design firm Hord, Coplan, Macht; landscape architect and civil engineer LandDesign; and MEP and structural engineer McVeigh + Mangum.

Each aspect surrounding NOVEL Mallard Creek demonstrates Crescent Communities’ commitment to creating a one-of-a-kind community that feels like home and celebrates a life built around harmony, well-being, and a welcoming small-town experience. Its strategic location within the rapidly expanding University City area, and more specifically University Research Park, alongside its adjacent location to the Centene Campus, will allow residents convenient access to a wide array of shopping, working, learning, and leisure options.

Embracing a modern architecture styling and a distinctive landscape design, NOVEL Mallard Creek will consist of seven multi-story buildings, totaling 310 apartment homes in a mix of studio, 1- and 2-bedroom plans with limited distinctive carriage home options. The site takes advantage of the generous tree canopy, natural stream elements, and steep topography, creating an oasis in the middle of a burgeoning submarket. NOVEL Mallard Creek’s onsite amenities bring unparalleled offerings to the University City area, and specifically the garden-style apartment space, and include a spacious clubhouse with coworking spaces, a fitness center and workout studio, outdoor lawns, gathering spaces, and a resort pool with lounge seating.

The development of NOVEL Mallard Creek underscores Crescent Communities’ substantial investment in the University City submarket and its support for the University City vision plan. NOVEL Mallard Creek will be Crescent Communities’ 5th development in the area, with past and recent endeavors including Circle University City, Crescent Alexander Village, NOVEL Research Park, and NOVEL University Place, which is currently under construction.

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.

Additional details surrounding NOVEL Mallard Creek will be announced at a later date. A rendering is available here. Forthcoming imagery and logos are available upon request.

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 Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

About AEW

Founded in 1981 and celebrating its 40th anniversary, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $89.7 billion of property and securities in North America, Europe and Asia (as of September 30, 2021).  Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.