Crescent Communities has sold its wellness-forward NOVEL Nona apartment community for $84 million to Origin Investments, a private real estate management company.
Located off Narcoossee Road overlooking Lake Whippoorwill, NOVEL Nona is a wellness-forward, 260-unit multifamily community designed to integrate natural beauty, biophilic design, and holistic amenities into residents’ everyday lives. The community is situated just minutes from the Lake Nona Town Center and offers immediate access to the region’s medical, business, and recreational destinations.
“NOVEL Nona represents the very best of Crescent Communities’ commitment to creating environments that enrich daily living,” said Greg Minder, Central Florida Managing Director at
Crescent Communities. “From its biophilic design to its robust wellness amenities, this community has resonated strongly with residents seeking a modern, balanced lifestyle in one of
the country’s most dynamic growth corridors. As we thoughtfully grow our presence across Orlando and Central Florida, NOVEL Nona underscores the caliber of community and the
momentum we intend to carry forward.”
The deal breaks down to $323,077 per unit. Origin secured financing with a $43.68 million loan from Northwestern Mutual Life Insurance Co.
NOVEL Nona features a saltwater pool with cabanas and hammocks overlooking a pond, pedestrian trail, and conservation area. (Courtesy of Crescent Communities)
With a robust amenity suite designed around wellness, productivity, and recreation, NOVEL Nona offers residents a private clubroom, café, coworking spaces, and micro-offices with
biophilic design; a large fitness club with Matrix® equipment, TRX® trainers, and a dedicated studio for yoga, barre, and spin; terrarium and propagation stations, wellness equipment, and bike storage/bike share; a saltwater pool with cabanas and hammocks overlooking a pond, pedestrian trail, and conservation area; a top-floor resident sky lounge with televisions, card table, and a craft cocktail bar; and two private courtyards with firepits, grills, a communal farm table, recessed turf area, and lush landscaping. Each home prioritizes calm, restorative design elements and includes circadian lighting, nine-foot ceilings, neutral color palettes, and large walk-out balconies.
Minder assumed the position of Crescent’s Central Florida division manager in November. He oversees the company’s portfolio and development in Tampa, Sarasota, Orlando and Jacksonville.
In Orlando, Crescent’s footprint includes NOVEL Parkway, a walkable, village-style community along International Parkway in Lake Mary. The company filed plans earlier this year for a second community at 4525 International Parkway.
One of the community’s premium amenities is the top-floor resident sky lounge with televisions, card table, and a craft cocktail bar. (Courtesy of Crescent Communities)
The company also pursued a follow-up to NOVEL Nona with a mix of 500 apartments and purpose-built rental homes along Clapp Simms Duda Road on land owned by the Diocese of Orlando. A major plat for the 21-acre site was approved in July 2024; the specific parcel master plan was recommended for approval but is still listed as an open case.
Crescent Communities previously developed NOVEL Lucerne in Orlando’s SoDo neighborhood and sold it in 2022 for $137 million, or $365,333 per unit.
Nationwide, Crescent Communities continues to experience significant growth with $7.2 billion of residential and commercial investments and developments in various stages of construction, operations, and planning. That pipeline includes 15,300 multi- and single-family build-to-rent units; 58,000 square feet of complementary retail space; and 7.5 million square feet of office, industrial, and life-sciences facilities. Crescent Communities is a leading recipient of LEED, NGBS (National Green Building Standard), Fitwel, and WELL certifications.
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