Crescent Communities Announces the Sale of Two Communities to TA Realty
CARY, NC and NASHVILLE, TN (October 19, 2023) – Crescent Communities is pleased to announce the sale of NOVEL Harpeth Heights and NOVEL Cary to TA Realty. Constructed in partnership with Pearl Street Partners, NOVEL Harpeth Heights marks the seventh multifamily community Crescent Communities has developed to date in the Nashville market, while NOVEL Cary marks the fifth multifamily community Crescent Communities has developed to date in the Triangle market.
“We are tremendously proud of both NOVEL Harpeth Heights and NOVEL Cary and the positive impacts these two communities have created in their respective markets in such a short period of time,” said Michael Tubridy, Senior Managing Director of the Carolinas and Tennessee for Crescent Communities. “Since opening earlier this year, we’ve watched both communities provide tailored living experiences for our residents by embodying their distinctive and unique visions. Nashville and the Triangle continue to be some of the fastest growing markets in the country, and we look forward to watching these two communities thrive within TA Realty’s portfolio.”
Inspired by the rejuvenating power of nature and the rich history and architecture of Middle Tennessee, the design of NOVEL Harpeth Heights revolves around the concept of "Tennessee Heritage," with programming meant to inspire and strengthen the connection with nature. The community offers a variety of studio, one-, two- and three-bedroom configurations within its 322 total residences. Within the community, residents have access to an abundance of amenities. The main clubhouse, surrounded by herb gardens, fruit tree orchards, and beehives, embodies the charm of a country farmhouse with a front porch and rear screened patio, furthering the parallels. Just across the pool and next to the fruit orchard stands the Carriage House, where the community’s spa and fitness center are located.
NOVEL Cary is inspired by the surrounding area’s rich culinary culture, and its design centers around food as a conduit for connection among residents. Comprised of 320 residences, each studio, one-, two- and three-bedroom and carriage home reflects the modern farmhouse aesthetic, with white Shaker-style cabinets, full pantries, and islands featuring designer pendant lighting to create gathering spaces for a shared meal or quiet nourishment at the day’s end. Within the community, residents have access to a plethora of amenities including a saltwater pool with cabanas, a hammock lawn, an elevated deck with a grilling area overlooking natural streams, and a fitness center.
The sales come as Crescent Communities continues to look forward to more opportunities to grow its presence in the Nashville and the Raleigh / Triangle markets. The company is currently leasing NOVEL Edgehill in Nashville. Further, in the greater Triangle market, Crescent Communities is currently underway with THE YIELD Holly Springs life science campus and the newly renovated SouthCourt office suites, which are actively leasing. In addition, the company is continuing its growth across 17 key markets in the Sunbelt with planned expansion across all business lines.
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 multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 85 multifamily communities and 24 million square feet of commercial space. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix, and Salt Lake City. Our multifamily communities are branded NOVEL, RENDER and HARMON by Crescent Communities, our industrial developments are branded AXIAL by Crescent Communities, and our life science developments are branded THE YIELD by Crescent Communities.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to U.S. and non-U.S. institutional investors. Since its inception in 1982, TA Realty has acquired, invested and/or managed $39.6 billion of real estate assets through core, core plus and value-add strategies and customized separate/advisory accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that aim to generate strong cash flow, receive intensive asset management, and seek to achieve long-term value creation. For four decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by pension funds, endowments, foundations, and high-net-worth individuals. For more information, please visit www.tarealty.com.
