Crescent Communities Kicks Off Raleigh-Area Project

The 336-unit development benefited from a $65.1 million loan.

NOVEL Morrisville

NOVEL Morrisville. Rendering by Hord Coplan Macht courtesy of Crescent Communities

Crescent Communities has broken ground on NOVEL Morrisville, a 336-unit multifamily community in Morrisville, N.C., in the Raleigh area. GID is involved as equity partner and the project is subject to a $65.1 million construction loan from U.S. Bank, Yardi Matrix data shows. Completion is scheduled for the summer of 2024.

Designed by Hord Coplan Macht, the four-story property will incorporate ten townhomes along with studio, one-, two- and three-bedroom units. Interiors will feature Samsung appliances and smart apartment technology. Community amenities are slated to include a swimming pool, two-story fitness center, arcade, coworking space and concierge service. Additionally, the developer will build a Land of a Thousands Hill Coffee & Social location on the site, in what is the 12th collaboration between Crescent Communities and the coffee chain.

Located at 218 Southport Drive, the property is close to Interstate 40 and some 15 miles from downtown Raleigh. It is within a walkable master-planned neighborhood anchored by the Wake Competition Center sports complex. Several notable facilities are under construction in the site’s proximity, including the Spark Life Science development and an upcoming Apple campus.

A fast-growing southeastern market

Crescent Communities’ Senior Managing Director Michael Tubridy emphasized in prepared remarks Morrisville’s growth and mentioned the development’s proximity to employment in the Research Triangle Park. Since the beginning of the year, 14 properties have broken ground in the Raleigh-Durham market, totaling 3,090 units, Yardi Matrix information shows.

The company has been expending its NOVEL brand, currently encompassing 22 properties, most of which are under construction. Recently, the firm also broke ground on a 500-acre master-planned project in Charlotte, N.C.

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