Crescent Communities Sells 539-Unit DC Asset
The community is within walking distance of Capitol Hill.
Crescent Communities has sold NOVEL South Capitol, a 539-unit luxury high-rise in Washington, D.C. The buyer, Dart Interests, acted as the majority financial partner in the development. According to Yardi Matrix data, the asset was subject to a $92.5 million construction loan originated by Northwestern Mutual in 2017.
Developed by a partnership between Crescent and RCP Development Co., NOVEL South Capitol came online in 2019, with Moriarty as general contractor and SK+I Architecture providing the design.
The 13-story community encompasses one-, two- and three-bedroom floorplans ranging from 502 to 1,799 square feet, as well as 3,000 square feet of retail space. Apartments feature in-unit washers and dryers, quartz countertops and wood-style flooring, with select layouts including private balconies or patios. Community amenities incorporate a rooftop swimming pool, fitness and yoga suites, a pet spa and indoor and outdoor clubrooms, along with multiple coworking spaces.
In the heart of D.C.
Located at 2 I St. SE, the LEED Silver-certified community is within walking distance of Capitol Hill. Its proximity to interstates 695 and 395 offers access to employers and points of interest within the District and throughout adjacent states. The site’s immediate surrounding area also includes multiple retail and dining options, as well as parks and museums.
Crescent Managing Director Brandon Wright mentioned in prepared remarks that the opening of NOVEL South Capitol marked the company’s entry in the Mid-Atlantic multifamily market. Since then, the firm has been expanding its footprint in the region. Recently, the developer broke ground on NOVEL Scott’s Addition, a 275-unit luxury community in the Richmond, Va., area. Completion is expected in 2024.