CHARLOTTE, NC - Crescent Resources has sold Circle at South End for $74 million to an undisclosed buyer. 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.
"This transaction speaks volumes about the results and differentiation of our multifamily developments," said Brian Natwick, president of multifamily with Crescent Resources. "Like all our apartment communities, we started Circle at South End with an irreplaceable location and infused it with high-quality products and green features as well as innovative programming."
Circle at South End opened in May, 2009, the first 100-percent smoke-free community in Charlotte. In 2010, Circle at South End earned a Leadership in Energy and Environmental Design (LEED) silver rating from the U.S. Green Building Council, then the highest level of certification among existing North Carolina apartment communities. Circle at South End also received the Green Project of the Year merit award from Multifamily Executive magazine and won the Recycling Incentive Program competition from Charlotte-based Waste Management Concierge in 2010.
Located at the intersection of South Boulevard and Bland Street adjacent to the Bland Street Station on the light rail line, Circle at South End includes one-, two- and three-bedroom floorplans as well as studios. Homes feature custom-designed cabinets and sinks, stainless steel appliances and private patios. The Resident Lounge is set up for various activities, including billiards, video games, movies, cooking in the gourmet kitchen and more. Residents have access to courtesy bicycles and poolside grilling stations.
It has routinely been 100 percent leased since opening. The community utilizes water-efficient landscaping, water-conserving fixtures, energy-efficient appliances, recycled building materials and more green features.
Sarofim Realty Advisors was Crescent Resources' capital partner in Circle at South End. CBRE Group represented Crescent in the sale.
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect and become stewards of the larger community. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.