Crescent Communities Opens Denver-Area Community
UMB Bank provided a $39 million construction loan for NOVEL White Fence Farm’s development.
Crescent Communities has opened NOVEL White Fence Farm, a 202-unity multifamily property in Lakewood, Colo., a suburb of Denver. In 2021, the developer broke ground on the project and secured a four-year, $39 million construction loan, originated by UMB Bank, according to Yardi Matrix data.
The general contractor was CSI Construction. KTGY designed the project, working along CID Design Group as interior designer, LandDesign as landscape architect and Kimley-Horn as the development’s civil engineer.
NOVEL White Fence Farm encompasses two three- and four-story buildings across 7.4 acres. The community consists of studio, one- and two-bedroom floorplans, ranging from 556 to 1,262 square feet.
Common-area amenities include a fitness center, a swimming pool, a spa, a dog park, bike storage, work-from-home areas, as well as a clubhouse that previously housed the White Fence Farm restaurant. According to Ben Krasnow, managing director of Colorado and Utah for Crescent Communities, the adaptive reuse of the 12,500-square-foot space aims to preserve its historic significance for the surrounding community.
Located at 6273 W. Jewell Ave., the property is 2.5 miles from a host of dining and retail options in downtown Lakewood, including a Target and a Whole Foods Market. Entertainment options in the area consist of a golf course and a country club within a 5-mile radius. Green Mountain is 8 miles west.
Crescent Communities’ multifamily portfolio
Crescent Communities owns 44 multifamily properties across the U.S., totaling roughly 13,900 units, Yardi Matrix shows. The firm currently has two additional NOVEL-branded projects under construction in the Denver area, set to bring a combined 744 apartments to the market upon their completion.
Earlier this year, Crescent Communities opened a 322-unit luxury NOVEL-branded project in Nashville, Tenn., developed in collaboration with Pearl Street Partners.