Crescent Communities has sold Novel Rio, a 209-unit, Class A property in Tempe, Ariz., to a private investor for $66.3 million, according to Yardi Matrix. NXT Capital provided $49.9 million in financing for the acquisition.
Novel Rio occupies 3.2 acres at 701 West Rio Salado Parkway, alongside the Salt River, less than one mile west of downtown Tempe. Additionally, the property is located within 2 miles of Arizona State University and 5 miles of the Phoenix Sky Harbor International Airport.
Completed in February 2019, the community encompasses a mix of studio, one- and two-bedroom units, averaging 899 square feet. The apartments feature washers and dryers, above standard ceiling heights and digital locks. Property amenities include a fitness center, business center, clubhouse, swimming pool and spa. Furthermore, the building is proposed for LEED certification and is located within an Opportunity Zone, Yardi Matrix data shows.
In August, NXT Capital also secured $28.5 million in refinancing for a 278-unit community in San Antonio.