Crescent Communities Announces Sale of Multifamily Community in Charlotte

Crescent Communities Announces Sale of Multifamily Community in Charlotte
Dec 22 '21

CHARLOTTE, NC (December 22, 2021)Crescent Communities is pleased to announce the sale of a multifamily community in Charlotte: NOVEL Atherton. The development is one of several multifamily communities by Crescent Communities in the area and represents the company’s strategic interest and continued growth in the Charlotte market. Eastdil Secured represented Crescent Communities on this transaction.

“It has been rewarding to watch NOVEL Atherton progress from a concept into a thriving community anchoring the vibrant South End neighborhood,” said Michael Tubridy, Managing Director for the Carolinas and Tennessee for Crescent Communities. “Crescent Communities is thrilled with the investment community’s overwhelming response to the quality and value of the development, and we are excited to partner with a buyer that has expressed a strong desire to incorporate NOVEL Atherton into their portfolio.”

NOVEL Atherton by Crescent Communities, which welcomed first residents in October 2019, is part of the highly anticipated heart and hub of the flourishing Historic South End neighborhood. The community is walking distance from over three million sq. ft. of office space, restaurants, and shops, including 65,000 sq. ft. of street-level retail within the greater Atherton development. The stabilized community is also adjacent to a Publix grocery store and the Lynx Blue Line Light Rail, providing residents immediate access to the rest of the Charlotte metropolitan area. In 2020, NOVEL Atherton received the first-ever Fitwel certification for a multifamily community in the state of North Carolina. The designation was awarded by the Center for Active Design, which serves as the operator of Fitwel programming and recognition.

Within the community, residents have access to exclusive amenities and spaces designed to connect, including a saltwater pool with Uptown skyline views, resident lounge with billiards, shuffleboard, card table and library, an outdoor bar, rooftop sky lounge, multiple co-working spaces, two courtyards, 3,000 square-foot two-story fitness club and secure bike storage. The community recently recognized its robust leasing numbers with an onsite grand celebration for residents and partners in the project. Photos of NOVEL Atherton and the grand celebration are available here.

Crescent Communities’ partners in the development of NOVEL Atherton included general contractor Summit Contracting Group of Jacksonville, Atlanta-based Dwell Design Studio serving as the architect, Charlotte based civil engineer and landscape design firm LandDesign, and interiors by locally based INTEC Group and BB+M Interiors.

Crescent Communities has plans to continue growing its footprint in Charlotte with more announcements to come. Crescent Communities recently announced the land closing of NOVEL Ballantyne, its 14th multifamily investment in the Charlotte market, where the company also is headquartered. In addition, NOVEL LoSo Station is now leasing and NOVEL University Place recently broke ground.

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 complimentary 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.

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