Crescent Communities debuted two residential communities in Sarasota, Florida: HARMON Legacy Trail, a build-to-rent (BTR) community, and RENDER Legacy Trail, a for-rent multifamily community. Both communities are part of a larger master-planned community with additional residential offerings and more than 5 acres of future retail space. Construction for both communities are expected to begin this summer with the first units slated to be delivered in fall 2023.
HARMON Legacy Trail is the third BTR community under development as part of a previously announced joint venture between Crescent Communities and Pretium, a specialized investment firm focused on residential real estate, residential credit, and corporate credit.
“We are thrilled to announce our third development in partnership with Pretium and our first build-to-rent community in the Florida region,” says Tony Chen, managing director of single-family build-to-rent at Crescent Communities. “HARMON Legacy Trail will provide residents the opportunity to live in new construction homes within a growing and vibrant community adjacent to the Legacy Trail connecting downtown Sarasota and Venice. This community highlights our commitment to growing strategically in Florida and the Sun Belt, and we look forward to sharing more updates on further growth very soon.”
HARMON Legacy Trail will be a 78-home BTR community in Nokomis and will offer residents the option to rent three- and four-bedroom townhomes with outdoor patios and private garages. Residents will have access to select interactive amenity spaces, such as dedicated outdoor lounge seating, play areas, a dog park, and walking trails. Select homes will also feature views from private balconies of the on-site lake in the community.
“HARMON Legacy Trail will be part of a larger master-planned community with additional residential offerings, including the forthcoming RENDER Legacy Trail, and more than 6 acres of future retail space,” says Tim Graff, managing director of Florida for Crescent Communities’ multifamily business. “We are excited to bring our top-of-the-line build-to-rent product to this area and look forward to commencing work.”
RENDER Legacy Trail represents a joint venture between Crescent Communities and privately held real estate company FCP. The 19-acre community located between Sarasota and downtown Venice will feature 450 for-rent multifamily residences.
RENDER by Crescent Communities is the company’s foray into the mid-market multifamily business, with the brand designed to appeal to residents who appreciate the ease and convenience of suburban living and also value functional spaces and communities infused with character, according to the company. The community marks Crescent Communities’ seventh investment in the Tampa-St. Petersburg market.
“We are excited to continue the evolution of our multifamily products by introducing RENDER to the Florida market,” says Graff. “RENDER offers residents thoughtfully crafted communities that are rich in character at a more approachable price point.”
Residences at RENDER Legacy Trail will feature functional design elements to attempt to contribute to the space’s overall feel of a home, rather than a typical apartment unit, according to Crescent Communities. The units will feature entryway mudrooms with built-in storage, home office workspaces separate from the living room and kitchen, and enhanced closet systems. Configurations from one- to three-bedrooms will be available.
Community amenities will include a centralized lobby and leasing area, a self-service package area, a fitness center, and multipurpose rooms that can serve as co-working lounges. Outdoor spaces will provide residents with opportunities to grill, dine, socialize, and swim.
Crescent Communities has $6.7 billion of residential and commercial investments and developments under construction. Since 1963, the company’s development portfolio has included more than 74 multifamily communities, 24 million square feet of commercial space, and 60 single-family master-planned communities.
