Crescent Resources Acquires Land for Apartment Community Circle Crosstown will be a $37 million apartment development
TAMPA, Fla., March 28, 2012 /PRNewswire/ -- Crescent Resources, LLC, in partnership with Global Growth Trust, has acquired 25 acres in Tampa, Fla., for a 344-unit, garden-style apartment community. Adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway, the site is five miles from the intersection of I-75 and I-4 and seven miles from downtown Tampa. Construction will begin immediately on the $37 million community, which will be named Circle Crosstown.
"We are excited about this exceptional location close to an abundance of high-level employment, retail and services," said Brian Natwick, president of multifamily for Crescent Resources. "The innovative Circle Crosstown will offer its residents unique floor plans, uncommon amenities, high-quality finishes and attention to detail that is consistent with the our brand."
Circle Crosstown will feature thoughtfully designed one-, two-, and three-bedroom floor plans and include amenities such as a dog walk park, a salt water pool, and resident lounge and cafe. Typical of Crescent's other Circle communities, Circle Crosstown will incorporate many sustainable features and materials. The clubhouse has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council. The site has been carefully planned to preserve the majority of existing mature trees, resulting in a community that will appear to have existed for many years. The first apartments are expected to be complete in the first quarter of 2013.
Circle Crosstown is being financed by equity investments from Crescent Resources and Global Growth Trust. Global Growth Trust is sponsored by CNL Financial. Construction financing is being provided by U.S. Bank N.A. Crescent Multifamily Construction, LLC will serve as the general contractor. The architect is The Preston Partnership, LLC of Atlanta. The civil engineer is King Engineering of Tampa, and the landscape architect is Land Resource Design Group, Inc., of Orlando.
Including Circle Crosstown, Crescent has five multifamily communities valued at $220 million under construction in Nashville, Tenn.; Austin, Texas; Raleigh, N.C.; Durham, N.C.; and Tampa, Fla. In addition to Circle Crosstown, Crescent plans to start seven additional apartment communities in 2012 valued at more than $300 million in cities such as Charlotte, Atlanta, Orlando and Nashville. The company has developed more than 15 multifamily communities throughout the Southeast.
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.
About Crescent Resources
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 develops business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.
About Global Growth Trust
Global Growth Trust is a company whose goal is to provide capital appreciation for its shareholders. The company, which is taxed as a real estate investment trust (REIT), plans to build a portfolio of real estate and real estate-related assets located in the United States and abroad; over the long term, up to 30 percent of its assets may be located abroad. For more information, visit www.GrowthTrust.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida.
SOURCE Crescent Resources, LLC