Crescent Resources Opens Circle West Campus
Innovative student apartment community is almost 100 percent leased
AUSTIN, Texas, Aug. 9, 2012 /PRNewswire/ -- Crescent Resources, LLC will hold a ribbon-cutting to mark the opening of Circle West Campus at the intersection of West 25th and Longview Streets by the University of Texas today. The new student apartment community is 99.6 percent leased, and more than 300 students have already moved in for the fall semester.
"Students are obviously embracing the unique student-living experience that is Circle West Campus," said Brian Natwick, president of the multifamily division of Crescent Resources.
"We're excited about delivering our innovative brand of apartment living to University of Texas students. The irreplaceable location and community's uncommon amenities provide a great environment for both study and recreation."
Circle communities feature environmentally conscious design and materials as well as upscale amenities for residents. The 167-unit community features a mix of studios, one-, two-, and four-bedroom apartments, with a total of 476 beds. Individual apartments 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.
Circle West Campus has a resort-style pool, tanning beds, and a community study café and lounge. The recreation room includes televisions and the latest interactive gaming systems, a pool table and a poker table. Student residents have access to covered parking and a community grilling area.
Circle West Campus was designed and built to meet the requirements of the Austin Energy Green Building Multifamily rating. The architect was Kelly Grossman Architects, LLC of Austin. The general contractor was Rampart Construction of Austin and Grapevine, Texas, and the civil engineer was 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.
In addition to Circle West Campus, Crescent is the developer of Circle at South End in Charlotte and Circle at Concord Mills in Concord, N.C. Crescent's multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn.; Gallery at Cameron Village in Raleigh, N.C.; Circle Crosstown in Tampa; Circle Ninth Street in Durham, N.C.; and Circle SouthPark in Charlotte. Crescent's planned multifamily communities include Circle Bayshore in Tampa, Circle Alexander Village in Charlotte and Circle Terminus in Atlanta, as well as four additional developments planned to start construction this year.
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
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