New Harmon Build-To-Rent Community In Growing Gulf Coast Market
CHARLOTTE, NC and NEW YORK (March 28, 2022) – Crescent Communities and Pretium today announced the closing of land for the development of HARMON Legacy Trail, the third build-to-rent (BTR) community under development as part of their previously announced joint venture and commitment to invest $1 billion in new single-family build-to-rent communities across 14 key strategic growth markets. Construction for HARMON Legacy Trail is expected to commence in July 2022 with first units slated to be delivered in Fall of 2023.
“We are thrilled to announce our third development in partnership with Pretium and our first build-to-rent community in the Florida region,” said Tony Chen, Managing Director of Single-Family Build-to-Rent at Crescent Communities. “HARMON Legacy Trail will provide residents the opportunity to live in new construction homes within a growing and vibrant community adjacent to the Legacy Trail connecting downtown Sarasota and Venice. This community highlights our commitment to growing strategically in Florida and the Sun Belt, and we look forward to sharing more updates on further growth very soon.”
HARMON Legacy Trail will be a 78-home BTR community in Nokomis, Florida. The community will offer residents the option to rent three- (1,600+ sq ft) and four- (1,900+ sq ft) bedroom townhomes with outdoor patios and private garages. Residents will have access to select interactive amenity spaces, such as dedicated outdoor lounge seating, play areas, dog park, and walking trails. Select homes will also have views from private balconies of the onsite lake. The community is located in an excellent school district, is adjacent to the Legacy Trail, a 20+ mile path connecting downtown Sarasota to downtown Venice, and is near Nokomis Beach and Oscar Sherer Park.
“We are proud to partner with the Crescent Communities team to unveil our third BTR community in one of the most desirable housing markets in the country,” said Matt Johnston, Managing Director and Head of Build-to-Rent at Pretium. “Our partnership is an example of how private capital can quickly and efficiently be invested to build high-quality housing for our communities. HARMON Legacy Trail represents an incredible opportunity to provide something we know our residents want – new, modern, and healthy homes. We are looking forward to the beginning of construction over the summer and building on our partnership with the Crescent Communities team.”
“HARMON Legacy Trail will be part of a larger master-planned community with additional residential offerings, including the forthcoming RENDER Legacy Trail, and more than six acres of future retail space,” said Tim Graff, Managing Director of Florida for Crescent Communities’ multifamily business. “We are excited to bring our top-of-the-line build-to-rent product to this area and look forward to commencing work.”
HARMON Legacy Trail will be located at Aqua Bella Drive, Nokomis, FL and will be built by Southern Impression Homes. Additional partners include civil engineer Kimley-Horn, landscape architect LandDesign, and architectural review by 505Design.
Additional details surrounding HARMON Legacy Trail 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 74 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.
Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium's platform has approximately $40 billion of assets under management as of February 1, 2022 and employs more than 3,000 people across 30 offices, including London and Dubai. Please visit www.pretium.com for additional information.