Crescent Resources Appoints Real Estate Investment Leader as Residential President

CHARLOTTE, N.C., April 30, 2012 /PRNewswire/ -- A national search culminated in the appointment of Andrew Carmody as president of the residential division of Crescent Resources, LLC.  Carmody has held senior leadership positions with Kitson & Partners, Centex Homes and McKinsey & Company.

He assumes the duties of president of Crescent's residential division May 7. In this capacity, Carmody will have overall responsibility for the division's performance and growth. In addition to managing the company's existing residential assets, he will oversee the identification and closing of new residential acquisitions, which is a major strategic priority for the company.

"Andy's expertise in investment strategy and acquisitions will complement the deep development and operational expertise of our residential team," said Todd Mansfield, president and chief executive officer of Crescent Resources. "We have high expectations for Andy and our team as we invest significant capital in the growth of our residential portfolio."

"The opportunities for Crescent in residential are remarkable," said Carmody. "The company has a 40 plus year legacy of creating innovative and market-leading residential communities. I am looking forward to working with the existing strong team to identify, develop and manage the next generation of communities for Crescent."

Prior to joining Crescent, Carmody was senior vice president with Kitson & Partners, an institutionally-backed real estate development company with a portfolio of 21,000 residential units and more than 7 million square feet of operating and entitled commercial space. There, he was responsible for investment strategies, new business development, acquisition and early-stage investment management for a $350 million real estate investment platform. He evaluated more than $1 billion in potential acquisitions in the last three years. Among his accomplishments was the creation of an advanced geographic information system (GIS) tool to evaluate key investment and development considerations when assessing acquisition opportunities.

He previously served Centex Homes as director of strategic and operational marketing and was involved in strategic planning, acquisitions, community design, product development, marketing and advertising. Before starting his career in real estate, he was an engagement manager with McKinsey & Company where he focused on strategy, market assessment, product development and operations for a wide range of clients.

Carmody's diverse professional background also includes service as an engineering specialist for The Boeing Company, as a production manager for Amerigon, Inc., a technology company that develops products for the automotive industry, and as a project manager for Burtek, Inc., an engineering and manufacturing firm specializing in military and industrial equipment.

Carmody earned a bachelor's degree in engineering from the University of Michigan and a master's of business administration from Harvard Business School. He is a member of the Urban Land Institute and its Community Development Council. Active in his alma mater, he volunteers with the student-run Harvard Business School Real Estate Club.

About Crescent Resources
Crescent Resources' single-family and resort residential communities are widely recognized for their high-quality innovative land plans. Among Crescent's communities are Palmetto Bluff in Bluffton, S.C.; Springfield and Chapel Cove near Charlotte; Rough Hollow near Austin in Lakeway, Texas; The River Club in the Atlanta area; BridgeWater in Lakeland, Fla.; and Grand Hampton in New Tampa, Fla. Crescent communities can also be found at Lake James near Morganton, N.C., and in South Carolina at Lake Keowee near Clemson.

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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