Crescent Communities announced the sale of NOVEL White Fence Farm, a Lakewood multifamily community, to Equity Residential. Newmark facilitated the sale on behalf of Crescent Communities and equity partner ParkProperty Capital.
The 202-unit community, which opened to residents in October 2023, marked Crescent Communities’ first residential development in Colorado. NOVEL White Fence Farm, located at 6273 W. Jewell Ave., offers proximity to the Colorado Foothills, Green Mountain and downtown Lakewood.
Built on the site of the iconic White Fence Farm restaurant, the development team restored the restaurant’s 12,500-square-foot Americana Barn into a unique community clubhouse. “NOVEL White Fence Farm exemplifies Crescent Communities’ dedication to creating thoughtfully designed, sustainable communities that honor local heritage,” said Ben Krasnow, Crescent Communities’ managing director for Colorado.
The community includes studio, one-bedroom and two-bedroom residences in three- and four-story buildings. Amenities include a fitness studio with an Echelon Reflect Mirror and Echelon Smart Bike, an all-seasons heated pool with an outdoor kitchen, flexible work-from-home spaces and a hospitality bar with coffee from Land of a Thousand Hills.
“The combination of a prime Denver metro location and Class A+ construction quality has created a generational multifamily asset,” said Newmark Managing Director Courtney Crowder. “The offering was extremely well-received by the investment community, leading to a highly competitive bidding process.”
The sale is part of Crescent Communities’ strategy to expand its Colorado footprint, which also includes NOVEL RiNo and the soon-to-open NOVEL Uptown in Denver. Nationwide, Crescent Communities has $7.2 billion in residential and commercial investments and developments, focusing on environmental sustainability and wellness.