December 20, 2012
Crescent Resources to Build Circle University City
CHARLOTTE, N.C., Dec. 20, 2012 … Crescent Resources is set to build Circle University City, a 546-bed apartment community for college students near the UNC Charlotte campus.
Circle University City is an innovative approach to student housing with amenities targeted to students, including a study and lounge area, game room, and rooftop terrace overlooking the campus. Other amenities include tanning beds, a salt-water pool, outdoor fire pits and cutting-edge environmentally sustainable features, such as innovative solar powered and recycled elements.
With architecture influenced by the UNC Charlotte campus, Circle University City will feature open floor plans and ample living areas. Construction on the $36 million project will begin this week, and the first of the 187 units will be ready by the start of the fall 2014 semester.
“UNC Charlotte is experiencing soaring enrollment, an elevated profile and surging momentum with the addition of a football team, which makes it an ideal location for our successful brand of student housing, ” said Ben Collins, regional director for Crescent Resources. “Circle University City will offer a unique student-living experience that isn’t typically found in campus housing. The community’s targeted amenities will provide a great environment for both study and recreation.”
UNC Charlotte enrolled the largest freshman class in its history for the fall 2012 semester with 631 more students than expected, and university officials noted that campus housing has become an issue. To accommodate the influx of students, the school increased the number assigned to double rooms and delayed the demolition of an aging residence hall.
Crescent Resources targeted the University City Area, in part, because of the increase in students at UNC Charlotte and subsequent rising demands for housing.
Crescent Resources also developed the student housing community Circle West Campus near The University of Texas at Austin. Circle West Campus won the 2012 Grand Award for Marketing and Advertising from Multifamily Executive and sold earlier this year for $47 million. With Circle University City, Crescent has more than 2,906 multifamily units in communities valued at $442 million under construction throughout the Southeast. The company has developed more than 20 apartment communities.
Circle University City is financed by equity from Crescent Resources, with a construction loan from Regions Bank. The project team includes development partner Carbon Properties, architect BB+M Architecture, interior designer Vignette Interior Design, civil engineer and landscape architect LandDesign, general contractor Adolfson & Peterson Construction, and property manager Greystar.
In addition to Circle University City, other Crescent multifamily communities under construction include Circle Bayshore and Circle Crosstown in Tampa, Fla.; Gallery at Cameron Village in Raleigh, N.C.; Circle Ninth Street in Durham, N.C.; Circle SouthPark and Circle Alexander Village in Charlotte; and Circle Terminus in Atlanta.
Crescent Resources developed Circle at South End in Charlotte; Circle at Concord Mills in Concord, N.C.; and The Venue at Cool Springs in Nashville, Tenn.
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.
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.