Crescent Communities Closes Land for NOVEL Norterra, a 248-Unit Multifamily Development in Northern Phoenix

Crescent Communities has closed on the land for NOVEL Norterra, a planned four-story, 248-unit multifamily community on an 8.5-acre site in northern Phoenix, Arizona. The project is backed by capital partners NEC Capital Solutions Limited, Sumitomo Mitsui Trust Panasonic Finance Co. LTD, additional Japanese investment, and UMB Financial Corporation. Construction is scheduled to begin in July 2026, with first move-ins anticipated in spring 2028.

The site is located just east of Interstate 17 within the Norterra neighborhood, a master-planned area encompassing nearly 600 acres of commercial, retail, community, and residential uses. The development marks the first project in Crescent Communities Construction's westward expansion into the western United States.

Project Details and Amenities

NOVEL Norterra will rise four stories and offer 248 for-rent residences. Planned amenities include a clubhouse, a pool courtyard anchored by a 1,822-square-foot pool and spa with cabanas and fire features, a fully shaded pickleball court, a dog park, and outdoor cooking, dining, and gathering areas. The site plan incorporates pedestrian pathways intended to connect residents to nearby retail and community destinations.

The community is situated within walking distance of the Shops at Norterra lifestyle center and adjacent to a retail center anchored by Fry's Food & Drug. Residents will also have convenient access to Interstate 17 and destinations including Lake Pleasant, Sedona, and Flagstaff.

"Northern Phoenix is experiencing remarkable growth, driven by significant employment investment and a lifestyle that blends urban convenience with access to Arizona's incredible outdoor destinations," said Ken Keefe, Managing Director for Arizona at Crescent Communities. "NOVEL Norterra is designed to embrace that dynamic, creating a community where residents can enjoy walkability, social connection, and a strong sense of place in one of the Valley's most exciting and evolving submarkets."

Employment Anchors and Market Context

The project is positioned near two major employment campuses: the TSMC Arizona semiconductor manufacturing complex and the USAA regional headquarters campus, both of which Crescent Communities cited as drivers of population and investment growth in the submarket.

Phoenix remains one of the Sun Belt's most active growth markets, and Crescent Communities has been expanding its presence there across multiple product types. The firm's Phoenix pipeline also includes NOVEL Heritage Park, the multifamily component of its Heritage Park mixed-use development in Gilbert, and the build-to-rent community HARMON Ascend. Legacy properties in the region include NOVEL Val Vista, NOVEL Midtown Phoenix (now MAA Midtown Phoenix), NOVEL Rio (now Trovita Rio), Crescent Highland (now Art on Highland), and Crescent Scottsdale Quarter (now Broadstone Scottsdale Quarter).

Crescent Communities Construction's Westward Expansion

"Breaking ground on NOVEL Norterra represents an exciting milestone for Crescent Communities Construction as we expand our footprint into the western United States," said Daniel Cooper, President of Construction at Crescent Communities. "Phoenix is one of the country's most dynamic growth markets, and this project reflects our confidence in the region's long-term potential as well as our commitment to delivering high-quality communities in places where people want to live, work and thrive."

Crescent Communities is a real estate investor, developer, and operator with offices in Charlotte, Washington D.C., Atlanta, Orlando, Nashville, Dallas, Austin, Denver, and Phoenix. The company's development portfolio includes more than 95 multifamily communities and 26 million square feet of commercial space. Its residential brands include NOVEL, for urban multifamily, and HARMON, for build-to-rent communities. Commercial brands include AXIAL for industrial, THE YIELD for life science, and BOWER for office.