Crescent Communities Expands Denver Footprint
The firm will begin construction on its second project in the metro, with completion slated for early 2023.
A joint venture between Crescent Communities and ParkProperty Capital have acquired a 7-acre site for the development of NOVEL White Fence Farm, a multifamily community in Lakewood, Colo., a suburb of Denver. The luxury property will feature 202 residential units, with first deliveries scheduled for the beginning of 2023.
UMB Bank has provided the construction loan for the project, which marks Crescent’s second in the Denver area. The development will be breaking ground this month.
CSI Constructions will be part of the development team, along with lead architect KTGY. Additionally, LandDesign will serve as the landscape architect and interiors by CID Design Group.
NOVEL will be located at 6263 W. Jewell Ave., 2.5 miles southeast of downtown Lakewood. The property will sit on the former site of the White Fence Farm restaurant, which was shut down three years ago. Encompassing three- and four-story buildings, the community will comprise a mix of studios, one- and two-bedroom floorplans.
Amenities will include a clubhouse arranged in a 12,500 square-foot Americana barn, fitness center with a dedicated yoga room, pet spa, dog park and pool.
The Colorado Foothills can be reached in 20 minutes, while the Green Mountains are just 10 minutes away. The property will be in close proximity of the shopping, dining and entertainment venues in downtown Lakewood and Belmar.
Business in the metro
Development activity in the Denver Metroplex has not shown any considerable downturn, even in the face of the pandemic. According to Yardi Matrix’s winter Denver report, 11,728 units were brought online throughout November last year, while another 19,406 were underway.
Furthermore, the transaction activity in the area came to roughly $3.4 billion in the third quarter of 2020, even though the average unit price showed a 4.4 percent decline to $231,244.