NOVEL White Fence Farm transaction marks a key
milestone in Crescent Communities' Colorado growth strategy
DENVER, Aug. 9, 2024
/PRNewswire/ -- Crescent Communities, a nationally recognized,
market-leading real estate investor, developer, and operator of
mixed-use communities, today announced the sale of NOVEL White
Fence Farm to real estate investment trust Equity Residential.
Newmark facilitated the sale on behalf of Crescent Communities and
equity partner ParkProperty Capital. Upon opening its doors to
residents in October 2023, the
202-unit community marked Crescent Communities' first residential
development in Colorado.
NOVEL White Fence Farm is situated in the picturesque
Lakewood neighborhood just 20
minutes from the Colorado Foothills, 10 minutes from Green
Mountain, and within minutes of downtown Lakewood and Belmar, providing residents
extensive shopping, dining, and entertainment options. The
community is built on the site of the iconic White Fence Farm
restaurant, where the development team meticulously restored the
restaurant's 12,500-square-foot Americana Barn into a unique
community clubhouse. This careful restoration preserves a
significant piece of Lakewood's
history while providing residents with an irreplaceable asset.
"NOVEL White Fence Farm exemplifies Crescent Communities'
dedication to creating thoughtfully designed, sustainable
communities that honor local heritage," said Ben Krasnow, Crescent Communities' managing
director for Colorado. "This
community has been a significant milestone for Crescent
Communities, and we're confident that the new ownership will uphold
the high standards we have established, ensuring NOVEL White Fence
Farm remains a cherished part of Lakewood's landscape for years to come."
Envisioned as a modern homestead grounded in local tradition,
NOVEL White Fence Farm consists of three- and four-story
elevator-served buildings with studio, one-bedroom, and two-bedroom
residences. The community's resort-style amenities include the
restored Americana Barn clubhouse; a spacious fitness studio with
an Echelon Reflect Mirror and Echelon Smart Bike; an all seasons
heated pool with adjacent open-air outdoor kitchen and prep area
with grills, a pizza oven, and a smoker; flexible work from home
spaces; and a hospitality bar featuring coffee from Land of a
Thousand Hills.
"The combination of a prime Denver metro location and Class A+
construction quality has created a generational multifamily asset,"
said Newmark Managing Director Courtney
Crowder. "The offering was extremely well-received by the
investment community, leading to a highly competitive bidding
process with numerous groups bidding aggressively on the
asset."
Design partners include architecture firm KTGY, interior
designer CID Design Group, landscape architect LandDesign, and
civil engineer Kimley-Horn. The general contractor for NOVEL White
Fence Farm was CSI Construction.
The sale of NOVEL White Fence Farm comes as Crescent Communities
looks to expand its footprint throughout Colorado. In addition to NOVEL White Fence
Farm, its portfolio in the region includes the 483-unit NOVEL
RiNo and the soon-to-open NOVEL Uptown in Denver's bustling central business
district.
Nationwide, Crescent Communities continues to experience
significant growth with $7.2 billion
of residential and commercial investments and developments in
various stages of construction, operations, and planning. That
pipeline includes 15,300 multi- and single-family build-to-rent
units; 58,000 square feet of complementary retail space; and 7.5
million square feet of office, industrial, and life-sciences
facilities. With a focus on environmental sustainability and
wellness, Crescent Communities is a leading recipient of LEED, NGBS
(National Green Building Standard), Fitwel, and WELL
certifications.
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, and Phoenix. 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.
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SOURCE Crescent Communities