Crescent Communities Opens Its 1st Utah Property
MAA provided $59.9 million in construction financing.
Crescent Communities has opened NOVEL Daybreak, a 400-unit luxury community in South Jordan, Utah. Craine Architecture worked with CID Design Group as project designers, while Kier Construction was the general contractor.
MAA provided Crescent with a $59.9 million construction loan in April 2021, according to Yardi Matrix data. The developer broke ground on its first community in the Salt Lake City market three months later.
The upscale units include studio, one- and two-bedroom floorplans ranging between 525 and 1,201 square feet, with private balconies and patios available in select apartments. Common-area amenities at the 9.5-acre property feature a fitness center, clubhouse, swimming pool and volleyball court, as well as a spa and coworking lounge.
Located at 10678 S. Lake Run Road in the Daybreak neighborhood, the Class A community is close to several nature trails and 2 miles from Oquirrh Lake. South Jordan Towne Center, which includes dining and retail opportunities, is some 5 miles west, while downtown Salt Lake City is 22 miles northwest.
With a 43-property portfolio, Crescent Communities has focused on expanding its multifamily footprint in the mountain states. Earlier this year, the firm opened two more NOVEL-branded communities, a 202-unit asset in Lakewood, Colo., and a 322-unit luxury property in Nashville, Tenn.
