Dallas; Eyes TX Expansion: Crescent Communities Sells Projects

In Dallas, Crescent Communities sold two of the multifamily communities it developed in Dallas: NOVEL Bishop Arts and NOVEL Deep Ellum.

The two apartment complexes “represent Crescent Communities’ strategic interest and growth in the Dallas market,” the Charlotte-based development firm said in a press release.

Houston-based Barvin purchased the 302-unit NOVEL Bishop Arts community. The seven-story NOVEL Deep Ellum 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 these two communities, Crescent Communities is developing the luxury multifamily community, NOVEL Turtle Creek, which is slated to begin leasing in early 2022. NOVEL Turtle Creek will be a 20 floor high-rise community in the 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. The community will offer 1-,2-, and 3- bedroom residences with private balconies and views of Dallas and the Park Cities.

The Barvin organization,led by Eric Barvin, has been spreading its reach beyond it home-base in Houston.

A year ago, Barvin, purchased the 324-unit Los Altos Trinity Green, formerly known as Alta Trinity Green apartments in Dallas.

In In 2020, Barvin purchased the Rivera on Broadway, a 302, unit project at 1130 Broadway in San Antonio. In Houston, Barvinn is developing a 281-unit, five-story, wrap-style project near the corner of Knight Road and El Paseo near the Texas Medical Center in Houston.