Tempe, AZ - (March. 11, 2019) – Crescent Communities is now leasing their newest multifamily community in the heart of downtown Tempe. NOVEL Rio by Crescent Communities is a boutique-style mid-rise apartment community that features 209 units and provides residents the best of Tempe at their doorstep. The community offers sleek midcentury modern design within walking distance to Tempe Town Lake and the historic Mill Avenue entertainment district.
Located across from the Tempe Center for the Arts along Rio Salado Parkway, NOVEL Rio offers luxury apartments with one-of-a-kind amenities focused on a love of the outdoors. NOVEL Rio also features unique architectural elements with plans for stunning custom murals inspired by Tempe’s vibrant culture and history. The community itself has been designed not only for the adventurous at heart, but with the needs of modern professionals in mind as well. The community offers easy access to dining, entertainment, and the Valley’s freeways as well as the Phoenix light-rail system, with a stop less than 1 mile away. The nearby light-rail stop offers residents easy access to the Valley’s many outdoor parks and wildlife preserves, such as Papago Park and Camelback Mountain.
“We designed NOVEL Rio to fit seamlessly into the beauty of Tempe while offering residents one-of-a-kind experiences through our uniquely tailored amenities and a location that places the entertainment offerings of Tempe in the palm of your hand,” said Rick Rader, Crescent Communities Development Manager. “The design of the community is not only beautiful but focused on what Tempe residents really desire in their homes. We have several live-work layouts that offer separate work space and access that will be perfect for our work from home residents.”
NOVEL Rio will feature a fully stocked on-site gear room complete with kayaks for exploring Tempe Town Lake and regular on-site fitness classes. There will be ample opportunities for residents to enjoy the best of outdoor living with open courtyards, a beautiful pool and spa area, and a covered rooftop lounge with indoor and outdoor entertainment areas featuring a kitchen, TVs, firepits and grills. For pet-lovers, the community will also feature a dog run and pet wash. Apartment home interiors offer high end finishes, hardwood style flooring, and select homes include spacious islands and balcony space.
NOVEL Rio is the third offering by Crescent Communities in the greater Phoenix area and is expected to follow in the footsteps of Crescent Scottsdale Quarter and Crescent Highland, both of which were market leading assets at the time of sale. Crescent Communities is actively seeking to expand their presence in the Phoenix market.
“We have experienced a high degree of success in bringing our thoughtful and community-oriented approach to this market” said Benjamin Collins, Crescent Communities Senior Managing Director, West Region. “NOVEL Rio is another example of our team’s ability to deliver a fresh, bold and innovative community. It is an exciting time in Tempe, we’re glad to be a part of it. We are bullish on Phoenix and are seeking to invest more heavily in both the greater Phoenix region and Tempe specifically.”
More broadly, the company has a growing multifamily footprint, including 6,000 units under construction and in operations, representing a total investment of $1.5 billion.
Construction financing for NOVEL Rio was provided by Regions Bank. Davis Partnership Architects is the project architect and Hardison Downey Construction is serving as the general contractor. Alliance Residential is serving as the property management company.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of multifamily, commercial and mixed-use communities. Crescent creates high-quality, differentiated communities in desirable locations in many of the fastest growing markets in the Southeast and Southwest. Since the company was founded in 1963, Crescent’s development portfolio has included more than 60 single family master-planned communities, 43 multifamily communities and nearly 21 million square feet of commercial space. Its multifamily communities are branded NOVEL by Crescent Communities. For more information, visit www.crescentcommunities.com.