AUSTIN, TX - Crescent Resources has sold Circle West Campus for $46.774 million to an undisclosed buyer. With 176 units and 476 beds, the community sold for approximately $265,760 per unit or $98,265 per bed. The 100 percent leased student apartment community at the intersection of West 25th and Longview streets by the University of Texas opened in August.
"This premium-priced transaction, coupled with the fact that Circle West Campus was 100 percent leased within days of opening, is a strong endorsement of the high-quality apartment communities Crescent develops," said Brian Natwick, president of Crescent Resources' multifamily division. "As with our other communities, we started Circle West Campus with an irreplaceable location and created a unique living experience with uncommon amenities and innovative programming."
Last month, Crescent won the Grand Award for Marketing and Advertising for Circle West Campus from Multifamily Executive magazine. The company was lauded for its mix of creative materials incorporating a playful, eco-friendly theme.
Crescent's Circle communities feature environmentally conscious design and materials, as well as upscale amenities for residents. Circle West Campus includes a mix of studios, one-, two-, and four-bedroom apartments. 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, restaurants, shopping and recreational destinations.
Circle West Campus was designed and built to meet the requirements of the Austin Energy Green Building Multifamily rating. Individual apartments include Energy Star appliances.
The community has a resort-style pool, tanning beds, and a community study cafe 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.
Crescent has developed more than 20 multifamily communities across the Southeast. The company currently has seven multifamily communities with 2,200 units valued at $340 million under development. This is the second community Crescent has sold in 2012. In June, the company sold Circle at South End in Charlotte, N.C., for $74 million. With 360 units and 8,000 square feet of retail space, the community sold for approximately $205,555 per unit, a record for an apartment community in North Carolina.
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 in which people are excited to live, Circle developments are also infused with the exceptional quality and customer-oriented features that are Crescent hallmarks.