Crescent Sells 206-Unit Dallas Community

In 2020, the developer took out a $74.1 million construction loan for the luxury property.

Novel Turtle Creeks is a 206-unit luxury community in Dallas.

NOVEL Turtle Creek is one of the three multifamily properties developed by Crescent Communities in Dallas. Image courtesy of Yardi Matrix

Crescent Communities has sold NOVEL Turtle Creek, a 206-unit luxury community in Dallas, to Goldrich Kest. This marks the second deal this year between the two parties.

The property came online in May of 2021. In March 2020, the developer took out a $74.1 million construction loan from Sumitomo Mitsui Bank, according to Yardi Matrix information. Rogers-O’Brien Construction was the general contractor of the 20-story building, with WDG as architect, TBG Partners as landscape architect and interior design by Vignette Interior Design.

Units at the 0.9-acre asset feature one-, two- and three-bedroom floorplans, ranging from 689 to 2,535 square feet. Apartments offer walk-in closets, private balconies or patios, washers, dryers and quartz countertops.

The fifth floor is reserved for common-area amenities, which include a fitness center, two guest suites, a private bar and a resident lounge. In addition, there are EV charging stations, a clubhouse, outdoor kitchens, a rooftop terrace with swimming pool and more than 415 parking spaces.

Located at 4251 Irving Ave. in the Oak Lawn neighborhood, the community is close to several dining and retail options, including Turtle Creek Village shopping mall. Downtown Dallas is 3.5 miles away, while Dallas/Fort Worth International Airport is 19 miles northwest.

Crescent’s growing multifamily inventory

Crescent Communities is currently working on a more than 500-acre master-planned development in Charlotte, N.C. The first mixed-use project within the development is expected to include 638 units, out of which 124 will be mixed-income apartments.

In April, the developer broke ground on NOVEL Morrisville, a 336-unit multifamily property in Morrisville, N.C. A few months later, the firm opened its first Utah community, a 400-unit luxury building.

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