Denver, CO (June 16, 2021) – Crescent Communities is pleased to announce the purchase of a seven-acre site for a new multifamily community in Lakewood, a suburb of Denver, CO. NOVEL White Fence Farm by Crescent Communities, located at 6263 W. Jewell Avenue, is located two and half miles southeast of downtown Lakewood. The community will include 202 for-rent residences and will be located on the former site of the White Fence Farm restaurant, which shuttered in 2018. This marks the second investment in the Denver market by Crescent Communities.
"Crescent Communities looks forward to introducing NOVEL White Fence Farm to the Lakewood community,” said Ben Krasnow, Managing Director of the Mountain States for Crescent Communities. “Over the past two years, our team has worked diligently with the City of Lakewood and our future neighbors to ensure that this project will not only have a lasting, positive impact on the area, but will also fit naturally into the neighborhood's identity. We are deeply appreciative of the collaboration from all sides throughout the planning process, and we look forward to continuing to work closely with the Lakewood community as we near groundbreaking."
Crescent Communities and financial partner ParkProperty Capital purchased the land in June 2021. Construction financing is provided by UMB Bank with construction commencing in June 2021 and first residences scheduled to be delivered in early 2023.
“We are excited to grow our footprint in Denver and the Lakewood community with such a high-quality developer in Crescent Communities,” said Brendan Whalen, Managing Director of ParkProperty Capital. “This will be our second investment in Lakewood, and we remain impressed with the quality of life, accessibility, and natural destinations that it has to offer. This is also the first investment through our discretionary fund platform that invests in similar development opportunities throughout the major markets in the US Sunbelt, so this is an important milestone for ParkProperty Capital on multiple fronts.”
Construction of the luxury community will be handled by CSI Construction with KTGY acting as lead architect. Landscape architecture is being performed by LandDesign and interior design by CID Design Group.
The overall design of NOVEL White Fence Farm captures a traditional Colorado form to emulate and complement the surrounding residential neighborhood. The community will consist of three- and four-story elevator-served buildings with studios, one-bedrooms, and two-bedrooms, as well as the adaptive reuse of a 12,500 square foot Americana barn for the clubhouse. Amenities include the clubhouse, a spacious fitness center with a dedicated yoga room, secure resident storage and bike storage, flexible work from home spaces, a pet spa, dog park, and resort-style pool.
The community site sits just 20 minutes from the Colorado Foothills, 10 minutes to Green Mountain, and is within minutes of downtown Lakewood and Belmar, providing extensive shopping, dining, and entertainment options for residents.
Crescent Communities has been actively investing in the Denver market, with notable milestones including the commencement of work on NOVEL RiNo as well as the recent relocation of Crescent Communities’ Denver office to Lower Downtown. With additional community plans in the pipeline and a growing local team, the Denver market continues to be a top priority for Crescent Communities’ expansion in the Mountain States and beyond.
Additional details surrounding the community will be announced at a later date. Renderings are 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 multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 63 multifamily communities, 21 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 multifamily communities are branded NOVEL by Crescent Communities.
About Park Property
Capital Park Property Capital (“PPC”) is a multifamily real estate investment firm backed by members of the Otto Family, a high-net-worth German family with over 55 years of global real estate investment experience. PPC is focused on investing in joint-venture development as well as value-add, core-plus, and core acquisitions, which may be acquired directly or with best-in-class local sponsors, throughout the US Sunbelt, Seattle, and Boston. PPC invests in multifamily real estate through a series of discretionary funds and the family balance sheet. Its US investment operations and portfolio management are based in Atlanta, GA, where it manages a rapidly growing portfolio of approximately 2,900 units, with a fund management presence in Hamburg, Germany. For more information, visit parkpropertycapital.com.