Experienced Developer Tapped for Senior Position with Crescent Resources

CHARLOTTE, N.C., Jan. 19, 2011 /PRNewswire/ -- Crescent Resources, LLC has hired a seasoned real estate developer to guide the company's residential development activities in Texas. As senior vice president, Stephen "Steve" Yetts will lead the growth strategy for the Texas region through oversight and coordination of acquisition opportunities including sourcing, due diligence, contracting and closing of real estate deals. Additionally, Yetts will be responsible for all development and operational activities for Crescent Resources' Texas projects.

"We are pleased to have someone with Steve's experience to lead our residential real estate team in Texas," said Larry Corson, president and chief executive officer of Crescent Resources. "Steve's dedication to finding, creating and managing quality communities is consistent with our company's philosophy. Known for getting the job done in an effective manner with integrity and professionalism, Steve brings a desire for excellence and commitment to every venture."

"I am honored to join the Crescent team and look forward to successfully growing our presence in Texas," said Yetts. "Crescent's depth of development experience and financial resources are significant attributes and will enhance our ability to enter and grow in prime markets such as Dallas-Fort Worth, Houston, San Antonio and Austin."

Prior to joining Crescent Resources, Yetts served as vice president and general manager for Discovery Land Development's Vaquero community in Westlake, Texas where he oversaw the acquisition and development of the community and Tom Fazio golf course. He also initiated and managed the development's home building division. Additionally, Yetts was the Discovery Land Development's Texas partner for Spanish Oaks, an upscale golf community in Bee Cave, Texas. There, he managed development, operations and home building.

Yetts' real estate involvement in the Dallas-Fort Worth market over the past several years has also included property enhancements through planning, entitlements and land management efforts for Fort Worth-based Threshold Development Co.

In the 1990s, Yetts was the regional vice president of land development with Mobil Land Development/Terrabrook Communities. There, he was responsible for the development and management activities for Dallas-Fort Worth communities such as Highland Shores, Stonebridge Ranch, Timarron and Aventerra.

Earlier in his career, Yetts served as manager of land development for Carter and Burgess in Dallas as well as an earlier stint with Dallas-based Turner, Collie and Braden.

Yetts earned a Bachelor of Science in Civil Engineering from the University of Texas at Arlington and is a registered Professional Engineer (PE) in the state of Texas. He and his wife, Jane, have raised three sons and reside in the Dallas-Fort Worth area.

Along with seeking new residential development opportunities for Crescent throughout Texas, Yetts will lead Crescent's team in the development of the 1,800-acre master-planned community Rough Hollow near Austin in Lakeway, Texas. A joint venture with Legend Communities, Rough Hollow is situated on Lake Travis and features a wide array of amenities including a Yacht Club, marina and restaurant.

Crescent's single-family and resort residential communities are widely recognized for their innovative land plans. While each is unique, the commitment to high-quality development is recognizable. Among Crescent's other communities are Palmetto Bluff in Bluffton, S.C.; The Point, Springfield, the Sanctuary and The Farms near Charlotte; and, The River Club in the Atlanta area. 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.

SOURCE Crescent Resources, LLC