Crescent Resources Set to Begin Student Apartment Community

AUSTIN, Texas, March 2, 2011 /PRNewswire/ -- Crescent Resources, LLC is bringing its innovative apartment-living concept to college students with the development of Circle West Campus at the intersection of West 25th and Longview Streets by the University of Texas.

While this is the first Circle project to serve students, Crescent's apartment concept has been highly sought-after in its four communities in Tampa; Jacksonville, Fla.; and Charlotte, N.C. Circle communities feature environmentally conscious design and materials as well as upscale amenities for residents.

"We're excited to bring this innovative brand of apartment living to student housing," said Crescent Resources Multifamily Development Group President Todd Farrell. "Circle West Campus will offer a unique student-living experience that isn't typically found in campus housing. The community's uncommon amenities will provide a great environment for both study and recreation."

Circle West Campus will have a resort-style pool, tanning beds, and a community study cafe and lounge. The recreation room will include televisions and the latest interactive gaming systems, a pool table and a poker table. Student residents will have access to covered parking and a community grilling area.

The 167-unit community will feature a mix of studios, one-, two-, and four-bedroom apartments, with a total of 477 beds. Individual apartments will include Energy Star appliances.

The 1.6-acre property is within walking distance of the University of Texas, giving students an opportunity to live close to school, employment centers, dining, shopping and recreational destinations.

Construction will begin this month, and the first units are expected to be ready in June 2012. The project has been designed and will be built to meet the requirements of the Austin Energy Green Building Multifamily rating.

The architect is Kelly Grossman Architects, LLC of Austin. The general contractor on the project is Rampart Construction of Austin and Grapevine, Texas. The civil engineer is Bury+Partners, Inc. of Austin.

Circle West Campus was financed by an equity investment from Crescent Resources, mezzanine financing provided by Transwestern Mezzanine Realty Partners III, LLC, and a construction loan from Capital One Bank. The Dallas office of HFF, LP advised Crescent in their financing efforts.

About Circle

Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks. Visit www.liveinthecircle.com for more information.

Crescent presently has Circle communities in Tampa and Jacksonville, Fla., and Charlotte and Concord, N.C. The company has announced plans for Circle communities in Nashville, Tenn.; Durham, N.C.; and Raleigh, N.C. Crescent is actively seeking new markets across the southeast for its successful Circle apartment communities.

About Crescent Resources, LLC

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