Crescent Communities Announces New Multifamily Community in the Triangle
CHARLOTTE, NC (August 23, 2022) – Nationally recognized Crescent Communities is pleased to announce plans for a new multifamily community in Morrisville, NC, located just outside Raleigh. NOVEL Morrisville will offer 336 for-rent residences as well as a LTH Coffee & Social.
“We are thrilled to bring another community to the Triangle,” said Michael Tubridy, Senior Managing Director, Carolinas and Tennessee for Crescent Communities. “Morrisville has seen incredible commercial growth over the past few years, and we are excited to bring a much-needed residential offering to this rapidly expanding area. The project team worked very hard pushing the envelope on the design of NOVEL Morrisville, and we are pleased to see our vision come one step closer to reality.”
NOVEL Morrisville is located within a walkable master-planned, multi-use community that is anchored by the Wake Competition Center sports complex, a multi-sport facility and practice home of the NHL’s Carolina Hurricanes. The community is also adjacent to Apple’s upcoming campus at Research Triangle Park, Lake Crabtree, Perimeter Park, and the RDU airport.
The project will offer 336 for-rent residences, featuring ten townhomes and a mix of studio, 1-, 2-, and 3-bedroom apartment homes. Alongside high-end unit finishes such as mud benches, Samsung appliances, and smart apartment technology, NOVEL Morrisville will feature a pool, two-story fitness center, club room, private lounge, co-working space, an abundance of interior and exterior amenity space, concierge-level service, and convenience to recreational areas like Lake Crabtree.
The LTH Coffee & Social at NOVEL Morrisville will be open to both residents and the greater public and will provide a meeting spot for community members to come together, enjoy food and beverage offerings, and make connections.
Partners for NOVEL Morrisville include lender U.S. Bank, equity partner GID, architecture firm and interior designer Hord Coplan Macht, and civil engineer and landscape architect Kimley-Horn.
“With NOVEL Morrisville, Crescent Communities will offer distinct and well-designed apartments that will elevate the neighborhood,” says Greg Bates, President and CEO of GID. “Their mission aligns with GID’s aim to create impactful communities that seamlessly integrate with the surrounding region, and we are excited to partner with Crescent on our first project in Raleigh.”
The development of NOVEL Morrisville underscores Crescent Communities’ commitment to growing in the Triangle market, which has experienced noticeable growth over the years. NOVEL Morrisville is Crescent Communities’ fifth residential investment in the Triangle market, most recently preceded by NOVEL Cary which is currently under construction. On the commercial front, Crescent Communities has also begun work on The Yield, a 150-acre life science campus with two million square feet of biomanufacturing, office, lab, and retail space located in the Town of Holly Springs.
More broadly, Crescent Communities continues to experience significant growth with $7.6 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,700 units of multifamily / single family build-to-rent, 200,000 square feet of complementary retail, and 11.1 million square feet of office, industrial and life science. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.
Additional details surrounding the community will be announced at a later date. Renderings 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 77 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.
GID is a privately held, vertically-integrated real estate company that owns and operates a portfolio of multifamily and industrial assets, as well as develops mixed-use projects. With corporate offices in major cities across the country, GID is an experienced real estate private equity investor and manager supported by an integrated operating platform and has 60+ years of experience across multiple asset classes. GID’s existing and under-development properties are valued at over $28.5 billion as of June 30, 2022.
The current portfolio includes over 48,000 residential units, more than 21 million square feet of industrial space, and one million square feet of retail and office space. More information is available at www.gid.com.