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Crescent Communities started construction on a 400-unit multifamily project in Durham’s University Hill neighborhood. Kyuden Urban Development and NEC Capital Solutions are investing in the project, along with Crescent Communities, which obtained a construction loan from Santander Bank. The Triangle Business Journal reports that The Novel UHill is expected to cost over $100 million to build.

Novel UHill is on two parcels totaling 6.5 acres at 3737 Durham Chapel Hill Boulevard and 3019 Auto Drive. Crescent acquired the properties in two separate transactions for $8.8 million.

The developer plans to open the first apartments at the end of 2026. The entire project should be complete by the end of 2027. Townhomes will also be part of the project.

Rental rates will be between $1,900 for a studio and upwards of $4,000 for 3-bedroom townhomes. The apartments will range from studios to three bedrooms and be between 600 and 1,500 square feet. The townhomes will have two- and three-bedroom options and average about 1,800 square feet.

The post Crescent Helming 400-Unit Durham Apartment Project appeared first on Connect CRE.

​  Crescent Communities started construction on a 400-unit multifamily project in Durham’s University Hill neighborhood. Kyuden Urban Development and NEC Capital Solutions are investing in the project, along with Crescent Communities, which obtained a construction loan from Santander Bank. The Triangle Business Journal reports that The Novel UHill is expected to cost over $100 million to build. …
The post Crescent Helming 400-Unit Durham Apartment Project appeared first on Connect CRE. Read MoreAtlanta & Southeast Commercial Real Estate News