Crescent Communities, Pretium Expand BTR Pipeline

Harmon Legacy Trail Rendering. Image courtesy of 505 Design

Crescent Communities and Pretium have acquired the land for its third project that’s part of a $1 billion commitment to develop new build-to-rent communities. The land was acquired from an undisclosed seller and will be used to develop Harmon Legacy Trail in Nokomis, Fla.

Crescent Communities is expecting to start construction on the community in July, with the first units slated for delivery in the fall of 2023. The developer tapped Southern Impression Homes to build Harmon Legacy Trail, while Kimley-Horn will serve as the project’s civil engineer. Crescent Communities also tapped LandDesign as the landscape architect and 505 Design for architectural review for the project.

Harmon Legacy Trail will include 78 homes in three- and four-bedroom floorplans that range from at least 1,600 square feet to more than 1,900 square feet. The units will be built with outdoor patios and private garages, with select units featuring private balconies. The community’s amenities will include a dog park, outdoor lounge seating, play areas and walking trails.

Located on Aqua Bella Drive, Harmon Legacy Trail is located next to a more than 20-mile path that stretches from downtown Sarasota to downtown Venice that the community is named after. Tim Graff, managing director of Florida for Crescent Communities’ multifamily business, said in prepared remarks that Harmon Legacy Trail is going to be part of a larger master-planned community with additional upcoming residential offerings.

MORE BTR FOR THE SUN BELT

Tony Chen, managing director of single-family build-to-rent at Crescent Communities, said in prepared remarks that Harmon Legacy Trail will be the joint venture’s first BTR community in the Florida region. Chen also said in prepared remarks that the joint venture is planning to grow in Florida and the Sun Belt region.

Harmon Legacy Trail may be the joint venture’s first project in Florida, but it is the third project under development as part of the commitment to build BTR communities across 14 key strategic growth markets. The joint venture between Crescent Communities and Pretium was created in September and has since identified its first project in Charleston, S.C. and its second in Charlotte, N.C.