Crescent Communities closes on land for NOVEL Norterra multifamily project in Phoenix

  • Crescent Communities closed on land for NOVEL Norterra, an 8.5-acre multifamily development site in northern Phoenix.
  • Project planned as a four-story, 248-unit for-rent community; construction set to start in July 2026.
  • First move-ins expected in spring 2028; development sits near I-17 in the Norterra neighborhood.
  • Partners include NEC Capital Solutions, Sumitomo Mitsui Trust Panasonic Finance, additional Japanese investment, UMB Financial.


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