Crescent Resources Acquires 221 Acres for New Residential Community

FRANKLIN, Tenn., Jan. 22, 2013 /PRNewswire/ -- Crescent Resources, LLC, has acquired 221 acres from South Carothers Partners, LLC for a new residential community named Lockwood Glen. Planning is under way for the master-planned community of up to 384 for-sale homes and 240 apartment homes, and construction of the initial phase of 70 single-family homesites and 27 townhomes will begin in March. The property is located along the east side of the I-65 corridor approximately one mile south of Murfreesboro Road and will feature approximately one mile of frontage on the recently approved extension of Carothers Parkway.

"Williamson County is one of the most vibrant and economically attractive areas in the Southeast, and this property is well-positioned to satisfy the high demand for new housing," said Keith Glenn, vice president of the residential division for Crescent Resources. "Adjacent to the major roadways that connect Cool Springs' employment center and the planned Berry Farms, this is an exceptional location for a new master-planned community. With the addition of our thoughtful land plan and desirable amenities, we'll transform the property into a great place to call home."

With Cool Springs three miles north and Berry Farms three miles south, Lockwood Glen is within a five-minute drive of the major centers for growth in Middle Tennessee. More than 50,000 people work in Cool Springs daily, and that number is expected to continue growing with eight major commercial development projects currently under way.

Lockwood Glen is in Williamson County, which is ranked among the wealthiest and fastest growing counties in the country. The Council for Community and Economic Research ranked Williamson County as the wealthiest county in the U.S., considering cost of living and median household income. And, according to the U.S. Census Bureau, Williamson County grew 44.7 percent between 2000 and 2010.

"Lockwood Glen is an ideal opportunity to introduce Crescent Resources' residential division to the Nashville market," said Andy Carmody, president of the residential division for Crescent Resources. "Along with our existing multifamily and commercial interests in the market, we now have significant residential investment in the future of Middle Tennessee."

While planning for Lockwood Glen is ongoing, officials with Crescent describe a vision for a community with multiple family-friendly amenities. Home builders Celebration Homes, Goodall Homes and Regent Homes of Nashville have committed to purchasing all 97 homesites in the first phase. Officials expect the first homes, with prices starting in the low to mid $200s, to be complete early in 2014. Pearl Street Partners, LLC will continue in its capacity as the development manager of this community working in concert with Crescent Resources. 

"We have had other groups recognize the value of this location and our vision for the property in the past," says Khris Pascarella, principal of Pearl Street Partners, LLC, "We were impressed with Crescent's reputation and commitment to quality planning and execution, so the opportunity to work with them to create a high caliber neighborhood in Franklin was very attractive."

Long active in the commercial and multifamily development sectors in Nashville, Crescent is the master developer of the Cool Springs office parks Corporate Centre and Greenway Centre as well as the luxury apartment community Venue at Cool Springs. In addition Crescent owns 60 acres in Cool Springs that area entitled and planned for an additional 750,000 square feet of Class A office space. The company is also the developer of CentrePoint Distribution Park, a warehouse and distribution center in LaVergne (Rutherford County), Tenn.

About Crescent Resources, LLC

Founded in 1969 and based in Charlotte, N.C., Crescent Resources is a diversified real estate development and operating company. The company conducts business through four divisions in growing markets in the Southeast and Texas, and has a long history of developing high-quality residential communities and commercial assets. Currently, Crescent has 20 master-planned communities and eight multifamily communities with 2,900 units under development and an additional 2,900 multifamily units in predevelopment. Crescent owns more than 75,000 acres of land across its four divisions, including 1,400 acres zoned for a variety of commercial uses. Visit www.crescent-resources.com for more information.

SOURCE Crescent Resources, LLC