Crescent, Rockefeller to Bring 530-Unit Community to DC
This is the developers' first partnership.
Crescent Communities and Rockefeller Group have joined forces for the first time to develop NOVEL Arlington, a 530-unit community in Arlington, Va. Completion is expected in 2028.
The developers obtained equity funding from Shimizu Realty Development and Mitsubishi Estate New York. Sumitomo Mitsui Trust Bank provided construction financing.
Development partners also include civil engineer Bohler D.C., architect Hord Coplan Macht and landscape architect LandDesign. John Moriarty & Associates is serving as general contractor.
The future community will expand Crescent’s footprint across the U.S., which currently encompasses more than 20 NOVEL-branded properties in various stages of development. One of the most recent additions to the firm’s portfolio opened earlier this month near Charlotte, N.C. Sumitomo Mitsui Trust Bank provided construction financing for that project as well.
A future community near Washington, D.C.
NOVEL Arlington will rise on 5.5 acres at 2480 S. Glebe Road, along the Interstate 395 Express Lanes. Upon delivery, the five-building community is to feature 493 apartments and 37 townhomes. The unit mix will comprise studio, one-, two- and three-bedroom floorplans.
Targeting LEED Gold certification, the property is expected to encompass 20,000 square feet of indoor and outdoor shared amenities. They will include a fitness center, a golf lounge, a rooftop pool, a fitness center, multiple coworking spaces and pet areas. Multi-level parking will also be one of this multifamily development‘s features, according to Yardi Matrix information.
The site is in a residential area, within 1 mile of Army Navy Country Club. The location is 3 miles from the city center and 6 miles from downtown Washington, D.C.
