Crescent Opens Luxury DC Community
Construction financing for this project surpassed $67 million.
Crescent Communities has officially opened NOVEL 14th Street, a 197-unit luxury property in Washington, D.C. Sumitomo Mitsui Bank originated a $67.3 million construction note in 2022 for this project, Yardi Matrix data shows.
J. Moriarity & Associates served as general contractor, while Hord Coplan Macht and Streetsense provided design services. Additional development partners included civil engineer VIKA Capitol and landscape architect Lee and Associates.
The seven-story community is at 2601 14th St. NW, less than 2 miles from the downtown area. Crescent’s building rose alongside The Faircliff, a 125-unit affordable property built by Somerset Development Co., Jonathan Rose Cos. and Housing Up. The two new communities replaced a two decade-old, 80-unit property.
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NOVEL 14th Street encompasses studio, one- and two-bedroom floorplans ranging between 420 and 1,083 square feet. Common-area amenities include a rooftop lounge, a swimming pool, a gym and coworking spaces, among others.
Crescent Communities has $7.2 billion in residential and commercial investments and projects in various stages of planning and development. Its pipeline comprises 15,300 multifamily and build-to-rent units. Since 1963, the company has developed more than 86 multifamily communities.
Earlier this year, the firm set out to build another NOVEL-branded project, this time in Durham, N.C. Crescent paid $8 million for the 6.5-acre construction site upon which the 400-unit development is set to rise.
DC multifamily completions taper off
Throughout metro Washington, D.C., 21 communities of at least 50 units each debuted during the first four months of the year, according to Yardi Matrix data. Roughly 5,760 units came online, marking a 15.2 percent decrease year-over-year.
Developers still had north of 25,310 units underway across 94 multifamily projects as of May, the data provider shows. Additionally, 13,950 apartments are on track for completion this year, a figure 23.3 percent lower than the one registered in 2024.
One project that entered the market’s inventory this year is Dix Street Residences. Built by Atlantic Pacific Cos. and Nix Development Co., the 47-unit community is age- and income-restricted.
