Crescent Communities Announces Sale of Two Multifamily Communities in Dallas
DALLAS, TX (October 5, 2021) – Crescent Communities is pleased to announce the sale of two multifamily communities in Dallas: NOVEL Bishop Arts and NOVEL Deep Ellum. Both developments represent Crescent Communities’ strategic interest and growth in the Dallas market. NOVEL Bishop Arts sold to Barvin in July 2021, and NOVEL Deep Ellum sold to Equity Residential in August 2021.
“These two communities showcase what Crescent Communities does best; we appreciate the unique character of neighborhoods and tell the story and history through design. We have shown time and time again that there is value in this approach which was also very apparent as we continued strong leasing performance at our communities in the face of the pandemic,” Peter Petricca, Managing Director at Crescent Communities. “We look forward to our continued growth in Dallas. We believe this is a city with tremendous opportunity ahead.”
NOVEL Bishop Arts opened in 2019 and features 302 apartment homes designed to inspire and reflect the ethos of its location. With construction financing provided by BMO Harris Bank, NOVEL Bishop Arts was built to be a one-of-a-kind community. The community offers an authentic Oak Cliff-neighborhood flair, with interiors showcasing two-tone craftsman kitchens, vintage tile, brushed brass fixtures, and amenity spaces full of local art like the one-of-a-kind piazza, guitar shaped pool, and the sky lounge with stunning views of the neighborhood and Dallas skyline.
NOVEL Deep Ellum, which recently opened in 2020, is a seven-story, mixed-use community located at 2900 Canton Street, in the heart of Deep Ellum. Most notably, NOVEL Deep Ellum features a stunning array of murals commissioned by local artists, an elevated pool with a custom mosaic tile mural with skyline views, and a rooftop lounge in addition to ground floor retail offerings that include F45 and LTH Coffee & Social. Crescent Communities developed the property in partnership with Goldman Sachs Asset Management and construction financing was provided by Simmons Bank.
“Similar to Bishop Arts, Deep Ellum offered a historical, walkable, high character neighborhood as a backdrop to create a unique mixed-use development. The distinct urban form of the neighborhood provided both inspiration and precedent,” Brian McNally, Development Director at Crescent Communities, said. “We believe this project will continue to attract residents seeking the spontaneous experiences that make Deep Ellum special.”
In addition to these two communities, Crescent Communities is actively developing the luxury multifamily community, NOVEL Turtle Creek, which is slated to begin leasing in early 2022. NOVEL Turtle Creek will be a beautiful 20 floor high-rise community in the highly desirable Turtle Creek and Oak Lawn area of Dallas. The community is in walking distance of Turtle Creek Village and The Shops of Highland Park, which both offer an array of upscale shopping and dining. The community is designed to be an urban oasis, offering 1-,2-, and 3- bedroom residences with private balconies and sweeping views of Dallas and the Park Cities.
Crescent Communities has plans to continue growing its footprint in Dallas-Fort Worth and the greater Texas market through intentional and strategic partnerships with more announcements to come. More broadly, Crescent Communities continues to experience significant growth by investing and developing over $7.1 billion in multifamily and commercial projects across 14 markets and nine offices. The multifamily portfolio includes over 21,500 units and over 470,000 square feet of retail completed or under construction, representing a total investment of $4.7 billion. The commercial portfolio includes 21 million square feet of office, industrial, and retail completed or under construction, representing a total investment of $2.4 billion. With a focus on sustainable development practices, the company pursues LEED certification for all commercial buildings and NGBS certification for all multifamily communities.
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 68 multifamily communities, 21 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 multifamily communities are branded NOVEL by Crescent Communities.
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract high quality long-term renters. As of July 26, 2021, Equity Residential owns or has investments in 306 properties consisting of 79,117 apartment units, with a significant presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Barvin is a privately held real estate investment and service company specializing in multifamily properties. The company acquires, renovates and services multifamily assets. We combine a conservative investment approach with a focus on providing high-quality service for our clients to create exceptional value for our partners. Founded in 2009, Barvin is headquartered in Houston, Texas. Barvin’s mission is to own, develop and manage properties that endure the test of time and strengthen the communities they serve.