Crescent Communities Sells NOVEL Midtown Atlanta Multifamily For $77M

Cushman & Wakefield has facilitated the sale and acquisition financing of NOVEL Midtown, a 340-unit high-rise multifamily community in Atlanta, Georgia, by Crescent Communities. The property, located at 1140 Spring Street Northwest, was sold for $77,000,000, resulting in a per unit price of $226,471. The transaction took place on January 3, 2024. NOVEL Midtown offers a desirable living experience with its high-rise design and a total of 340 residential units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $77,000,000
• Address: 1140 Spring Street Northwest, Atlanta, GA
• Market: Atlanta, GA

The sale of NOVEL Midtown was facilitated by Alex Brown, Ashlyn Warren, Michael Kay, Robert Stickel, and Sim Patrick of Cushman & Wakefield, who represented the seller, Crescent Communities. Donny Rosenberg and Justin Kantrowitz from greystone''>Greystone served as the lenders for the acquisition financing. Keith Padien and Walker Brown, also from Cushman & Wakefield, acted as the mortgage brokers for the transaction.