Crescent Communities Completes Phoenix Luxury Housing
MAA provided a $46.7 million construction loan.
Crescent Communities has completed NOVEL Val Vista, a 317-unit luxury rental property in Gilbert, Ariz. The developer took out a $46.7 million construction loan in 2020, originated by MAA, and broke ground in 2021, according to Yardi Matrix information.
MAA also contributed as equity partner. The development team included Craine Architecture, Kimley-Horn, ESG Design and Norris Design, which executed the interior and landscape blueprints.
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NOVEL Val Vista comprises three four-story buildings with studio, one- and two-bedroom unit configurations. The unit sizes range from 467 to 1,254 square feet. The community’s amenities include a game room, lobby with coworking lounge, sky lounge, pool and spa, pet park, outdoor covered grilling and collaboration spaces, fitness club and an upscale resident clubhouse. The property also houses a bakery.
NOVEL Val Vista is at 1727 E. Pecos Road, some 29 miles from downtown Phoenix and less than 7 miles from downtown Gilbert. The property is 6 miles from Phoenix-Mesa Airport and 5 miles from Chandler Municipal Airport. There are several dining and retail options within 1 mile, as well as Gilbert Medical Center, elementary schools and bus stops along South Val Vista Drive. Major thoroughfares in the area include Santan Freeway, Arizona 202 and Interstate 10.
A growing national footprint
In June, the developer completed another luxury property part of its NOVEL brand—it opened the 289-unit NOVEL Beach Park, in Tampa, Fla. It financed its construction with a $72.5 million loan from TD Bank.
Crescent Communities currently has upward of 15,000 multifamily units in various stages of planning or development. It recently broke ground on HARMON Ascend, a BTR community in Avondale, Ariz. It also owns the 345-unit MAA Midtown Phoenix and Trovita Rio, which is in Tempe, Ariz.