Crescent Opens Charlotte Community
The company took out a $48.8 million loan for this project three years ago.
Crescent Communities has opened NOVEL Davidson, a 237-unit multifamily property in Davidson, N.C. The developer broke ground on the project last year.
Financing for this community included a $48.8 million construction loan provided by Sumitomo Mitsui Bank in 2023, according to Yardi Matrix information.
Development partners included interior designer BB+M, civil engineer Bolton & Menk, architect Cline Design and landscape architect LandDesign. Crescent’s in-house construction company served as general contractor.
The 15-acre property came online at 19020 Potts Park Lane, 1 mile from downtown Davidson. Downtown Charlotte is within 21 miles, while Charlotte Douglas International Airport is 25 miles away.
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The community encompasses seven three- and four-story residential buildings. The unit mix consists of one-, two- and three-bedroom floorplans ranging from 691 to 1,561 square feet. Apartments have private balconies or patios.
Common-area amenities include a fitness center, a clubhouse, a swimming pool with deck and a resident lounge with working spaces, outdoor patios and a fireplace. The property also has EV charging stations, library space and outdoor seating.
Crescent’s recent multifamily activity
Crescent Communities has about $7.2 billion of residential and commercial investments and developments in various construction and planning stages. That pipeline includes 15,300 multifamily and build-to-rent units.
The firm is also working on NOVEL River District, a 318-unit development that is set to come online this quarter. The community is the first multifamily component of The River District, Crescent’s 1,200-acre master-planned project that opened last September.
In October, the company also opened RENDER Turner Lake, a 300-unit property in Covington, Ga. The firm completed the property after breaking ground in 2024.
