CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, today announced a joint venture with Crescent Communities (“Crescent”), a nationally recognized, market-leading real estate investor, developer, and operator of mixed-use communities, to develop ‘Render Covington’ - a 315-unit multifamily community in Covington, Georgia.

Located on Highway 278 between Martin’s Crossing and Henderson Drive, the Render Covington project is located in Newton County, approximately 35 miles southeast of Atlanta. Render Covington will feature Class A unit interior finishes such as stainless-steel appliances, stone-surface countertops, and vinyl wood flooring. Community amenities will include a fitness center, resort-style swimming pool, dog park, bicycle gear garage and detached garages.

The project is expected to break ground in January 2022. First units are expected in May 2023, with construction expected to be completed in January 2024. It will be only the second multifamily community delivered in Covington in the last 15 years, due to a moratorium on apartments that was lifted in January 2021.

“The Atlanta apartment market has been one of the best-performing markets in the country since the onset of the pandemic, with continued economic recovery and in-migration leading to strong demand,” said Jeremy Katz, Co-Head of CP Capital. “We look forward to partnering with Crescent to deliver a brand new, modern multifamily community that fulfills the ever-present need for affordable rental housing in the area.”

Situated on 19 acres of land, the three-story, surface-parked property is adjacent to Martin’s Square – a soon-to-be-renovated shopping center anchored by an Ingles supermarket and multiple restaurants.

The development will also benefit from its proximity to the thriving I-20 manufacturing and distribution corridor, as residents will have ample access to nearby job opportunities with renowned companies including Three Ring Studios, Facebook and Takeda Pharmaceutical. The project will also be the first multifamily community with direct access to the Eastside Trail, a 2.5-mile multi-use greenway that will connect residents to local restaurants, bars and shops located in historic Downtown Covington.

“With very few entitled multifamily sites existing in Covington, the demand for rental housing is extremely high, with comparable properties in the area all fully leased,” said Kyle Brock, Crescent Communities’ Managing Director, Georgia. "We're thrilled to bring our first joint venture with CP Capital to Covington, a city that is filled with charm and unique opportunities for both families and working professionals.”

CHARLOTTE, N.C., July 31, 2019 – JLL announces it has closed the sale of Novel NoDa, a 344-unit, mid-rise apartment community in Charlotte, North Carolina.

JLL marketed the property on behalf of the seller, Charlotte-based Crescent Communities, which also developed the community in 2018. 

Novel NoDa is situated on an approximately six-acre site at 424 E. 36th Street. The property offers residents immediate access to light rail service, which directly connects to Charlotte’s largest employment centers, including the Uptown and University submarkets. Novel NoDa is surrounded by top-notch retail, including the Salud Beer Shop, The Barre Code, Wooden Robot Brewery, Rush Bowls and Idlewild cocktail bar. The NGBS Bronze-certified property consists of modern units with high-end finishes averaging 817 square feet. Community amenities include a saltwater pool with sun shelf; common courtyard with beer garden, grilling area and fire pit; clubroom with billiards, shuffleboard and oversized tables; indoor/outdoor skyline lounge with views of Uptown and NoDa; transit lounge with transit screen, coffee bar and Wi-Fi; flexible work spaces; electric car charging stations, pet salon with washing tubs and grooming tables; and 462 parking spaces.

The JLL Capital Markets team representing the seller was led by Senior Director Allan Lynch, Director Caylor Mark, Managing Directors Justin Good and Jeff Glenn, and Senior Managing Director Roberto Casas.

“Authenticity, connectivity and activity are the top traits that both residents and investors seek, particularly in high-growth markets like Charlotte,” Lynch said. “Novel NoDa embodies all of this. It is a truly unique asset woven into the fabric of the thriving North Davidson Arts District and 36th Street light rail.”

“Crescent Communities only strengthened its impressive track record of delivering differentiated communities with the development of Novel NoDa,” Mark added. “Its market reception and this transaction is the latest endorsement for this unique community, neighborhood and the Charlotte market,” Mark added. 

CHARLOTTE, NC – July 25, 2018 – HFF announces the sale of a 37.94-acre land site within University Research Park in Charlotte, North Carolina.

The HFF team marketed the property on behalf of the seller, Crescent Communities.  Mattamy Homes purchased the site free and clear of existing financing.

The property is located along Governor Hunt Road to the east of Interstate 85 in the 3.5 million-square-foot University Research Park, which is the region’s second largest employment center and home to some of the region’s fastest-growing financial services, energy, technology and healthcare employers.  The property was rezoned for residential use prior to sale, and the new owner plans to develop a townhome community on the site.

The HFF investment advisory team representing the seller consisted of senior director Hunter Barron, director Sarah Godwin and managing director Justin Good.

CHARLOTTE, NC – July 25, 2018 – HFF announces the sale of a 37.94-acre land site within University Research Park in Charlotte, North Carolina.

The HFF team marketed the property on behalf of the seller, Crescent Communities.  Mattamy Homes purchased the site free and clear of existing financing.

The property is located along Governor Hunt Road to the east of Interstate 85 in the 3.5 million-square-foot University Research Park, which is the region’s second largest employment center and home to some of the region’s fastest-growing financial services, energy, technology and healthcare employers.  The property was rezoned for residential use prior to sale, and the new owner plans to develop a townhome community on the site.

The HFF investment advisory team representing the seller consisted of senior director Hunter Barron, director Sarah Godwin and managing director Justin Good.

Berkshire Group announced the purchase of Crescent Dilworth in Charlotte, North Carolina, from Crescent Communities. The 296-unit apartment community is located in the historic Dilworth neighborhood, which is adjacent to Uptown and home to Carolinas Medical Center.

This purchase is the final apartment community of a portfolio of properties Berkshire affiliates planned to acquire from Crescent in a pre-sale portfolio transaction. The portfolio consisted of approximately 1,700 units with properties located in major Southeastern U.S. markets.

“Dilworth marks the sixth Crescent community that Berkshire acquired upon completion, and we have tracked its progress since construction started,” stated Eric Draeger, Managing Director, Head of Transactions, Berkshire Group. “This was also a great opportunity to invest in Charlotte, which fits into our overall acquisitions strategy of choosing great product in carefully selected U.S. markets.”

Berkshire Dilworth is comprised of studio, one- and two-bedroom apartments with chef-inspired gourmet kitchens, modern hardware and fixtures, soaking tubs, walk-in showers with tile surrounds, and a first class common area amenity package.