FRANKLIN, Tenn., April 11, 2011 /PRNewswire/ -- With the first apartments of the new 428-unit luxury community at the intersection of Carothers Parkway and E. McEwen Drive expected to be complete this summer, MAA and Crescent Resources have named the community Venue at Cool Springs.
Crescent Resources entered into a development agreement in October, with MAA purchasing the land and providing construction financing, and Crescent serving as the master developer. While Crescent Resources had the option of a traditional construction loan and joint venture partnership, they chose to enter into the agreement with MAA because it offered a significant financial advantage and created a new relationship which offered strategic benefits moving forward.
"MAA is a great partner," said Todd Farrell, president of Crescent Resources multifamily division. "Entering into the agreement with MAA for Venue was a great decision for us, and we look forward to continuing our relationship with them on other opportunities across other markets."
The name Venue at Cool Springs is a reflection of the community's close proximity to downtown Nashville and its vibrant music scene. Farrell added, "We made the decision to adopt a distinct brand for this location that MAA can fully support and own. We are excited about the new name and think it will serve the community well through the lease-up phase and beyond."
Construction on the 428-unit apartment community started last fall. Pre-leasing is expected to begin in late May, and construction of the first apartments and clubhouse will be complete this summer. With a mix of one-, two- and three-bedroom floor plans in a series of three-story buildings, Venue at Cool Springs features Craftsman style architecture.
Venue at Cool Springs was designed by The Housing Studio of Charlotte. Cox Schepp Construction, Inc. is the general contractor.
The design adheres to the standards of a National Association of Home Builders (NAHB) Green Certified Site Design and Development. Additionally, Crescent will seek designation as a Signature Sanctuary from Audubon International which ensures that managers apply sustainable resource management practices in the long-term stewardship of the property.
Crescent Resources remains the major owner of undeveloped property in the Cool Springs market. Today, it owns more than 100 acres in Cool Springs, including approximately 71 acres west of Carothers Parkway and an additional 36 acres to the east of that major thoroughfare. In addition, its multifamily division is currently under construction with Circle West Campus in Austin, Texas, and plans to break ground on The Residences at Cameron Village in Raleigh, N.C., in June.
About Crescent Resources, LLC
Crescent Resources, LLC, is a land management and real estate development company with interests throughout the southeastern United States. Based in Charlotte and established in 1969, Crescent creates mixed-use developments, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.
MAA is a self-administered, self-managed apartment-only real estate investment trust which currently owns or has ownership interest in approximately 47,000 apartment units throughout the Sunbelt Region of the U.S. For further details, please refer to the website www.maac.com.
SOURCE Crescent Resources, LLC