Lakewood, CO — Equity Residential, a prominent real estate investment trust, has completed the acquisition of NOVEL White Fence Farm, a 202-unit residential community located in the Lakewood neighborhood. The property, developed by Crescent Communities, represents the company’s first residential development in Colorado. Newmark facilitated the transaction on behalf of Crescent Communities and its equity partner, ParkProperty Capital.
The NOVEL White Fence Farm community officially opened its doors to residents in October 2023. Situated just 20 minutes from the Colorado Foothills and 10 minutes from Green Mountain, the property offers a blend of urban convenience and scenic beauty. Residents have easy access to a variety of shopping, dining, and entertainment options in downtown Lakewood and the nearby Belmar area.
NOVEL White Fence Farm – Historical Significance
One of the unique aspects of NOVEL White Fence Farm is its historical significance. The development was built on the site of the former White Fence Farm restaurant, a local landmark known for its Americana-style architecture. The development team preserved a 12,500-square-foot barn from the original restaurant, converting it into a community clubhouse. This restoration effort has allowed the community to retain a connection to Lakewood’s history while providing residents with a distinctive living environment.
Ben Krasnow, Managing Director for Crescent Communities in Colorado, highlighted the importance of the project in the company’s portfolio. “NOVEL White Fence Farm has been a significant milestone for Crescent Communities,” Krasnow said. “We are confident that the new ownership will maintain the high standards we have set, ensuring that this community remains a valued part of Lakewood for years to come.”
The community offers a range of modern amenities, including a fitness studio equipped with Echelon smart devices, a year-round heated pool, an outdoor kitchen area, and flexible work-from-home spaces. The Americana Barn, a centerpiece of the property, houses a hospitality bar that serves coffee from Land of a Thousand Hills, further enhancing the community’s appeal.
The architecture and design of NOVEL White Fence Farm were the result of collaboration among several firms, including KTGY for architecture, CID Design Group for interior design, LandDesign for landscaping, and Kimley-Horn for civil engineering. CSI Construction served as the general contractor for the project.
The sale of NOVEL White Fence Farm is part of Crescent Communities’ broader strategy to expand its presence in Colorado. The company’s regional portfolio also includes NOVEL RiNo, a 483-unit development, and NOVEL Uptown, which is set to open soon in Denver’s central business district.
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About Crescent Communities
Crescent Communities is experiencing significant growth across the United States. The company currently has $7.2 billion in residential and commercial projects in various stages of development, with a focus on environmental sustainability. The company’s development pipeline includes 15,300 multi- and single-family build-to-rent units, 58,000 square feet of retail space, and 7.5 million square feet of office, industrial, and life-sciences facilities. Crescent Communities has been recognized for its commitment to sustainable development, receiving numerous certifications, including LEED, NGBS, Fitwel, and WELL certifications.
As Crescent Communities continues to grow, its commitment to creating thoughtfully designed, sustainable communities remains at the forefront of its mission. The successful sale of NOVEL White Fence Farm to Equity Residential underscores the attractiveness of Crescent’s developments to investors and highlights the company’s ongoing efforts to expand its footprint in key markets across the country.
