Crescent Resources Buys 993 Acres For New Mixed-use Community Developer Continues to Expand Presence in Texas with Large Acquisition

HOUSTON, Oct. 30, 2012 /PRNewswire/ -- Crescent Resources, LLC has acquired 993 acres for a new mixed-use community in northeast Houston. Planning is under way for a master-planned community of up to 2,259 single-family homes, 540 apartment homes, 50 acres for neighborhood retail and commercial uses, and a 40-acre site for a future school. Just one mile from Lake Houston, the property is 10 miles east of the George Bush International Airport and 25 miles northeast of the central business district in Houston.

While planning for the property is ongoing, officials with Crescent describe a vision for a community with multiple family-friendly amenities. According to Steve Yetts, senior vice president of Crescent Resources, "We are developing a plan that is uniquely suited to Houston and sets a new standard for a master-planned community in the market. Our plans will take a desirable location – close to major transportation options, terrific schools and jobs – and transform the property into a great place to call home."

The Harris County, Texas, property is in the Humble Independent School District, which was recognized by the Texas Education Agency for above-average standardized test scores and high graduation rates in 2010 and 2011. Just 10 miles northeast of Hwy. 59 and Sam Houston Parkway, the property is three miles south of the Atascocita Town Center.

"Our progressive vision for this community is based on how potential residents want to live today, and home builders have demonstrated significant interest in our plans," added Yetts.  Development is slated to begin next year, with the first phase of single-family homesites complete in mid-2014.  

Long active in the real estate market in Texas, Crescent Resources is the developer of Twin Creeks County Club and Rough Hollow, both near Austin. The company also developed Circle West Campus, an apartment community serving the students of the University of Texas in Austin. Earlier this month, in partnership with Dallas-based Taylor Duncan Interests, Inc., Crescent acquired 250 acres for a new single-family residential community in Oak Point, Texas, just north of Dallas.

"This acquisition is the culmination of an extensive search for the right opportunity to introduce Crescent Resources' residential division to Houston," said Andy Carmody, president of the residential division for Crescent Resources. "Along with our existing interests in Austin and Dallas, we now have significant residential positions in three of the four major markets in Texas."

About Crescent Resources, LLC

Founded in 1969 and based in Charlotte, 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 21 master-planned communities and seven multifamily communities with 2,200 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



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