PHOENIX, AZ (February 18, 2021) – Crescent Communities proudly announces the groundbreaking of mixed-use multifamily community NOVEL Val Vista in Gilbert, AZ. The land was purchased in December 2020, and a small ceremony was held yesterday to commemorate the start of construction.
The 8.61 acres of land at NOVEL Val Vista was purchased by Crescent Communities and investment partner MAA and will offer 317 units. NOVEL Val Vista is located just north of the Loop-202 in Gilbert. Included as part of the larger Val Vista Square development, the NOVEL community is slated to be one of the finest luxury apartment communities in the southeast Valley.
“NOVEL Val Vista will further enhance the growing Phoenix market and the desirability of the Gilbert,” said Ken Keefe, Director of Development for Crescent Communities. “The groundbreaking of this community marks the second exciting project and partnership with MAA.”
In addition to traditional amenities, NOVEL Val Vista will offer top-of-the-line finishes, a spacious and refined clubhouse, a luxury pool, sky lounge, fitness center, and more.
Brad Hill, MAA Executive Vice President, Director of Multifamily Investing added, “We are thrilled to expand our growing presence in the Phoenix market as well as our partnership with Crescent Communities at NOVEL Val Vista. This best-in-class community seeks to elevate the resident experience. We believe the upscale lifestyle amenities, building aesthetic and certified green construction will combine to create long-term sustainable value for both the area and the residents who choose to live here. We look forward to welcoming residents to NOVEL Val Vista in 2022.”
Images from the February 17 groundbreaking can be found here. Logos and additional details surrounding NOVEL Val Vista 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 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.
MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, MAA had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com.