DALLAS – (Realty News Report) – Crescent Communities has sold two multifamily properties it developed in Dallas: NOVEL Bishop Arts and NOVEL Deep Ellum.
The sales reflect Crescent Communities’ strategic expansion in the Dallas market, the Charlotte-based developer said in a press release.
Houston-based Barvin acquired the 302-unit NOVEL Bishop Arts community. The seven-story NOVEL Deep Ellum was sold to Equity Residential.
“These two communities showcase what Crescent Communities does best; we appreciate the unique character of neighborhoods and tell the story and history through design,” said 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.”
In addition to those two properties, Crescent Communities is developing the luxury NOVEL Turtle Creek, which is expected to begin leasing in early 2022. NOVEL Turtle Creek will be a 20-story high-rise in the desirable Turtle Creek and Oak Lawn area of Dallas. Within walking distance of Turtle Creek Village and The Shops of Highland Park, the community will offer one-, two- and three-bedroom residences with private balconies and views of Dallas and the Park Cities.
The Barvin organization, led by Eric Barvin, has been expanding beyond its Houston base.
A year earlier, Barvin acquired the 324-unit Los Altos Trinity Green, formerly Alta Trinity Green, in Dallas.
In 2020, Barvin purchased the Rivera on Broadway, a 302-unit property at 1130 Broadway in San Antonio. In Houston, Barvin is developing a 281-unit, five-story, wrap-style project near the corner of Knight Road and El Paseo, close to the Texas Medical Center.
Oct. 11, 2021 Realty News Report Copyright 2021
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Caption: NOVEL Bishop Arts. Image courtesy Crescent Communities.
File: Crescent Communities Sells Projects in Dallas. Multifamily
File: Crescent Communities Sells Projects to Barvin, Equity Residential. 2900 Canton Street. Brian McNally. Equity Residential. Goldman Sachs Asset Management