Crescent Communities announces first multifamily community in Salt Lake City
Salt Lake City — Crescent Communities is pleased to announce the construction of a new multifamily community in Salt Lake City’s Daybreak community. NOVEL Daybreak by Crescent Communities, located at 5502 South Jordan Parkway, will include 400 for-rent residences and an integrated Land of a Thousand Hills Coffee and Social House. NOVEL Daybreak is the first investment in the Salt Lake City market by Crescent Communities and partner MAA.
“We look forward to NOVEL Daybreak and the boldness, distinction, and connectivity it will provide for residents of Salt Lake City,” said Ben Krasnow, Managing Director of the Mountain States for Crescent Communities. “As our first foray into this market alongside our partner MAA, we hope this will be the start of many differentiated residential communities that we intend to bring to the Salt Lake City area.”
Crescent Communities and MAA purchased the land from Daybreak Communities in April 2021. The community is scheduled to break ground in early May, with the first residences slated to be delivered in the fourth quarter of 2022.
“We are pleased to once again partner with Crescent Communities,” says Brad Hill executive vice president of Multifamily Investing for MAA. “This community thoughtfully complements today’s active and connected lifestyles and reflects our shared vision to deliver high quality homes that enhance the areas and the lives of those we serve. This partnership represents MAA’s first community in Salt Lake City. The city’s high quality of life and strong job growth aligns well with our long-term objectives, and we look forward to continued growth opportunities here.”
NOVEL Daybreak will provide residents a place to live that is active, dynamic, and fun. Nestled within the existing master planned community, Daybreak, the NOVEL community will build on the foundation to deliver a truly fresh experience. In addition to offering a mix of studios, 1-bedrooms, and 2-bedrooms, the community will feature “The Hive,” which will serve as the central hub and gathering place. From a morning cup of coffee at Land of a Thousand Hills’ retail shop, to a midday workout class, to board game and karaoke nights, residents – and their guests – will have an endless array of programming and amenities that fit a variety of lifestyles. The community will also cater to residents who work from home with coworking-inspired spaces, indoor-outdoor lounges, and all-building connectivity.
“Our team is excited to deliver a unique and differentiated community with a focus on connectivity as our first Crescent Communities offering in the Salt Lake City market,” says McKay Quinn, development manager at Crescent Communities. “NOVEL Daybreak will provide future residents with thoughtfully designed amenity spaces, community programming focused on engagement, and access to TRAX and trails throughout Daybreak.”
Additional details surrounding the community will be announced at a later date. A rendering is available here. Forthcoming imagery and logos are available upon request.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 63 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.
MAA, an S&P 500 company, is a real estate investment trust, or REIT, focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities in the Southeast, Southwest, and Mid-Atlantic regions of the United States. As of December 31, 2020, MAA had ownership interest in 102,772 apartment units, including communities currently in development, across 16 states and the District of Columbia. For further details, please visit the MAA website at www.maac.com.