DALLAS – (Realty News Report) – 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 acquired 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, acquired the 324-unit Los Altos Trinity Green, formerly known as Alta Trinity Green apartments in Dallas.
In 2020, Barvin acquired 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.
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: (2) File: Crescent Communities Sells Projects to Barvin, Equity Residential. 2900 Canton Street. Brian McNally. Equity Residential. Goldman Sachs Asset Management