Crescent Communities has begun construction on a 400-unit multifamily development in Durham’s University Hill neighborhood. The project is being funded by investments from Kyuden Urban Development and NEC Capital Solutions, as well as Crescent Communities themselves who secured a construction loan from Santander Bank. According to the Triangle Business Journal, the total cost of The Novel UHill is estimated to be over $100 million.
The development, known as Novel UHill, will span two parcels totaling 6.5 acres located at 3737 Durham Chapel Hill Boulevard and 3019 Auto Drive. These properties were acquired by Crescent in separate transactions for a combined price of $8.8 million.
The first phase of apartments is expected to open at the end of 2026 with full completion projected for the end of 2027. In addition to apartments, townhomes will also be included in this project.
Rental rates are anticipated to range from $1,900 for studio units up to over $4,000 for three-bedroom townhomes. Apartment sizes will vary between studios and three bedrooms ranging from approximately600 square feet up to1500 square feet while townhome options include two- or three-bedrooms averaging around1800 square feet.
