Crescent Resources Hires Development Leader for Mid-Atlantic Region

CHARLOTTE, N.C., Sept. 13, 2011 /PRNewswire/ -- Crescent Resources, LLC selected real estate insider Michael Blackwell to lead development of new multifamily projects in Virginia, Maryland and the District of Columbia.

In his position as regional development leader for the Mid-Atlantic, Blackwell will help Crescent identify and develop luxury apartment and mixed-use development projects in the Washington metropolitan area and surrounding communities in Virginia and Maryland.

"Michael brings valuable multifamily experience and tremendous market knowledge to this position," said Brian Natwick, president of Crescent's Multifamily Division. "He has an extensive network of relationships, and his strong background in real estate makes him a great addition to our team."

Blackwell has nearly 10 years of experience in real estate development and risk management. In his past role with national apartment developer JPI, he was responsible for the development of 734 units and $160 million of high-density, mixed-use projects in the Washington area and directly involved with another 800 units and 100,000 square feet of retail at various stages of development in Virginia, Maryland, and DC.

"Crescent is an industry leader with exciting projects throughout the Southeast, and I'm excited to bring their vision of urban, multifamily development to communities in Virginia, Maryland and Washington, D.C." Blackwell said.

Crescent Resources has been involved in nearly $400 million in development in the mid-Atlantic, primarily as the master developer of Potomac Yard, a visionary project which spans 300 acres in Arlington County and the City of Alexandria. The company's hallmark brand of apartment communities is "Circle" – luxury, green-focused apartments in urban settings where neighbors connect and become stewards of the larger community.

Crescent's existing multifamily communities are Circle at South End in Charlotte, N.C.; Circle at Concord Mills in Concord, N.C.; Circle at Crosstown in Tampa, Fla.; and Circle at Bartram Park in Jacksonville, Fla. Multifamily communities under construction include The Gallery at Cameron Village in Raleigh, N.C., the Venue at Cool Springs in Nashville, Tenn., and Circle West Campus in Austin, Texas. Circle at Ninth Street in Durham, N.C.; Circle at South Park in Charlotte; and Circle at Bay Shore in Tampa are in the planning stages.

Prior to joining Crescent, Blackwell was a vice president at Willis North America where he worked with the firm's national real estate practice, helping multifamily operators and developers drive performance through improved management of risk and insurance expense.

Blackwell received a bachelor's degree in English from Hampden-Sydney College, in Hampden-Syndey, Va., where he now serves on the Board of Trustees. He is currently completing a master's degree in real estate development from Georgetown University.

Active in his profession, Blackwell is a member of the Urban Land Institute, National Multihousing Council and the D.C. Real Estate Group. He is a member of Old Presbyterian Meeting House in Old Town Alexandria and actively supports the Boy Scouts of America, from which he received the Eagle Scout award.

Crescent Resources is a real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent Resources is known for its single-family, multifamily and resort residential communities. Crescent also owns and manages business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.

SOURCE Crescent Resources, LLC

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