Crescent Communities Announces Sale of Denver Multifamily Community to Equity Residential

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Aug 09, 2024, 11:00 ET

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.