Crescent Communities Breaks Ground for $42 Million Crescent Cool Springs

252-Unit Luxury Apartment Community Inspires Work-Life Balance

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Sep 25, 2013, 12:00 ET

NASHVILLE, Tenn., Sept. 25, 2013 /PRNewswire/ -- Crescent Communities has broken ground on Crescent Cool Springs, a 13-acre, 252-unit multifamily community located in Nashville's historic Franklin suburb, a location that will help residents achieve their desired life balance of work and play.

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"Today's groundbreaking ceremony for Crescent Cool Springs represents our commitment to design and develop innovative communities for the way people live today," said Ben Collins, vice president of the Carolinas and Tennessee for Crescent Communities' multifamily group. "When residents move in next year, they will enjoy a community that was planned for their lifestyles with short commutes to work, ways to connect with friends, and easy access to everything they like to do."

Crescent Cool Springs is located at the intersection of Carothers Parkway and Resource Parkway just off Interstate-65 with close proximity to more than 5 million square feet of Class A office space and the region's leading employers. Crescent is not new to the Franklin market; over the past 15 years, Crescent has developed more than 1.5 million square feet of class A office space and over 400 luxury apartments in the area.

The $42 million, 13-building Crescent Cool Springs has a village-like design that creates an urban feel with convenient suburban features including a selection of tuck-under garages and nearly 5 million square feet of nearby retail in Cool Springs.

Direct access to pedestrian-friendly sidewalks, walking and biking trails will provide connectivity for residents to the commercial spaces and rich amenities within the Crescent Cool Springs community. The community's numerous outdoor amenity spaces feature a resort-style pool, fire pits, gas grilling areas and walking paths that complement the state-of-the-art fitness center with dedicated CrossFit gym to cater to residents' active lifestyles. Apartment homes are being outfitted with granite countertops in kitchens and bathrooms, luxury vinyl wood flooring, stainless steel appliances and USB outlets that allow residents to easily re-charge.

Designed to meet National Green Building Standards (NGBS) certification requirements from the -National Association of Home Builders, Crescent Cool Springs will begin leasing in 2014.

The community is financed with equity from Crescent Communities and CNL Growth Properties, which has invested more than $275 million to date in multifamily properties including three in partnership with Crescent Communities.

"The continued job growth in greater Nashville is exciting to see and Franklin is one of the most attractive markets in that area," said Andy Hyltin, president and CEO of CNL Growth Properties.

Construction financing for Crescent Cool Springs is provided by Fifth Third Bank, and Summit Contractors will be the general contractor. Concept design was provided by Historical Concepts. The architect for Crescent Cool Springs is Cline Design and the Civil Engineer is Littlejohn Engineering. Interior design is by Vignette Interior Design. Greystar will manage the apartment community.

About Crescent

Founded in 1969 in Charlotte, Crescent Communities is a diversified real estate investment, development and operating company dedicated to enhancing the quality of life for people through sustainable multifamily, residential and commercial communities and responsible land management. Crescent's portfolio today includes 27 master-planned communities, including its signature Palmetto Bluff, as well as 16 multifamily projects with 4,600 units under construction or in planning/pre-development. The company owns and manages approximately 72,000 acres, including 1,400 acres zoned for commercial use.

SOURCE Crescent Communities