Phoenix, Arizona (December 3, 2020) – Crescent Communities announced today the purchase of 8.61 acres of land at Val Vista Square in Gilbert, AZ, which was negotiated with Gilbert Growth Properties LLC (Park Corporation) represented by NAI Horizon. Val Vista Square is a large mixed-use commercial land development located at the SEC of Val Vista Drive and Pecos Road, just north of the Loop-202 in Gilbert, AZ. The new 317-unit multifamily community is called NOVEL Val Vista by Crescent Communities.
“NAI Horizon is thrilled to be part of such a significant land transaction,” said Lane Neville, NAI Horizon Senior Vice President. “Crescent Communities is top tier and will be building one of the finest luxury apartment properties in the entire southeast Valley. The addition of this high-end residential component is a critical milestone for our overall commercial mixed-use project. This deal is such a nice addition to Val Vista Square and complements our soon to be grand opening of ALDI Grocery Store located adjacent to the NOVEL community."
NOVEL Val Vista by Crescent Communities, which is slated to break ground early next year, will feature an array of luxury resident amenities, specifically catered to the expanding neighborhood.
“We are thrilled to begin our work on NOVEL Val Vista and look forward to breaking ground in early 2021,” said Ken Keefe, Director of Development for Crescent Communities. “The community will feature a variety of amenity-rich offerings suited to the residents of the growing Phoenix market, including top-of-the-line finishes, a spacious and refined clubhouse, a luxury pool, sky lounge, fitness center, and more.”
“We first selected Crescent Communities based on their stellar long-standing reputation to create high-quality, high-density apartment living throughout the country,” said Morgan Neville, Park Corporation representative. “As we began our work to complete the land sale, we knew immediately we had picked the right group. Their entire team was creative, responsive and proactive through the entitlement and design process; which was really important given that this is the first multifamily project in the Town of Gilbert to be approved and developed in their newly created Multifamily, High Density zoning district; and will set the bar for future urban style developments. It’s also important for me to recognize and give special thanks to all the Development Services and Engineering staff at the Town of Gilbert for their dedication and attentive work in getting this approved for the benefit of the overall community. This process was more challenging than usual given the unprecedented and difficult COVID environment which we are all experiencing. This transaction is a major milestone for our Property, as Crescent Communities’ NOVEL Val Vista brings the critical living component to our project and achieves our vision of creating the finest mixed-use community development in Gilbert.”
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 59 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Headquartered in Charlotte, Crescent Communities has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.
About NAI Horizon
Exceptional global commercial real estate solutions begin with local market leadership and expertise. Established in 1992, NAI Horizon is a full-service commercial real estate company serving Arizona with offices located in Phoenix and Tucson. NAI Horizon is passionate about the commercial real estate business, providing Brokerage and Property Management Services for local, national and international clients. NAI Horizon is a member of the NAI Global commercial real estate network providing real estate solutions to 400 offices worldwide. For more information visit www.naihorizon.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global professionals achieve extraordinary results for clients locally and globally through creativity, collaboration and the consistent delivery of exceptional knowledge and service that only market-leading firms can provide.
NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more visit: www.naiglobal.com.