Crescent Communities Announces Sale of Multifamily Community in Washington, D.C.

Crescent Communities Announces Sale of Multifamily Community in Washington, D.C.
Jan 18 '23

WASHINGTON, D.C. (January 18, 2023)Crescent Communities is pleased to announce the sale of NOVEL South Capitol, a mixed-use, luxury high-rise community in Washington, D.C., to Dart Interests, the majority financial partner in the development. 

Located at 2 I Street SE, at the nexus of the District’s waterfront and historic neighborhoods, NOVEL South Capitol offers 539 for-rent residences housed in adjacent towers, both with exclusive amenities for residents. Well-situated in the flourishing Navy Yard neighborhood, NOVEL South Capitol is within walking distance of the most dynamic and desirable destinations in D.C., including Eastern Market, the Mall, The Wharf, Nationals Park, and Barracks Row.

“Since opening in 2019, NOVEL South Capitol has evolved into a thriving community in one of the most desirable neighborhoods in the DMV,” said Brandon Wright, Crescent Communities’ Managing Director for the Mid-Atlantic Region. “It marked Crescent Communities’ entry into the Mid-Atlantic multifamily market and we are immensely proud of the reception it has received and its evolution into a true neighborhood destination. We are thrilled to watch its continued growth and success as it continues under Dart Interests’ impressive stewardship.”

“Dart is thrilled to retain ownership of NOVEL South Capitol and add another great long-term asset to our portfolio,” said Tyler Niess, Dart Interests’ Senior Advisor and Director of Special Projects. “NOVEL has proven to be a premier offering in a much sought-after neighborhood, and we look forward to continuing to provide a great resident experience for years to come.”

At NOVEL South Capitol, residents can enjoy a plethora of luxury community amenities, including a resident work center with multiple co-working spaces, separate fitness and yoga suites with accompanying outdoor green spaces, a rooftop pool and lounge with sweeping Capitol views, indoor and outdoor clubrooms with seating vignettes and a catering kitchen, outdoor gathering spaces with grills and fire pits, a pet lounge and washing spa, electric car charging stations, and more. The property has also received LEED Silver and Fitwel certifications, reflecting Crescent Communities’ ongoing commitment to supporting wellness and green building practices.

Financing for NOVEL South Capitol was provided by Dart Interests, formerly Third Palm Capital, as Crescent Communities developed the community in partnership with RCP Development Company. Additional design and construction partners include Moriarty (general contractor) and SK+I Architecture (architecture and interiors). Imagery of NOVEL South Capitol is available here.

This sale comes as Crescent Communities continues to expand its footprint in the Mid-Atlantic market. The company recently announced the groundbreaking of NOVEL Scott’s Addition in Richmond, VA and the closing of NOVEL 14th Street in Washington, D.C. More broadly, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments currently under construction, operations and planning including 15,300 units of multifamily/single family build-to-rent, 58,000 square feet of complementary retail, and 7.5 million square feet of office, industrial and life-sciences. With a focus on environmental sustainability and wellness, the organization pursues certifications including LEED, NGBS (National Green Building Standard), Fitwel, and WELL.

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 83 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 and our life science developments are branded THE YIELD by Crescent Communities.

About Dart Interests

Dart Interests is a U.S. real estate development and investment firm solely owned by the Dart Family. Dart Interests has a growing portfolio of more than $1 billion currently invested in real estate projects across seven states. With an emphasis on long term value creation, our structure enables the firm to be flexible as well as purposeful in developing leading-edge properties in both urban and resort settings. Our combination of available capital and industry expertise gives the organization the freedom to take calculated risks and produce meaningful results. Based in Dallas, Dart Interests also has regional offices in Orlando, Charlotte and Houston. For more information, visit: