Crescent Resources Set To Begin Construction on $33.6 Million 320-Unit Upscale Apartment Community

Crescent Resources Set To Begin Construction on $33.6 Million 320-Unit Upscale Apartment Community

CHARLOTTE, NC - Crescent Resources is bringing another innovative apartment community to Charlotte with Circle Alexander Village, a 320-unit project on a 27-acre site in University Research Park.

With the start of the $33.6 million Circle Alexander Village, Crescent has 2,300 multifamily units in communities valued at $340 million under construction throughout the Southeast. The company has developed more than 20 apartment communities.

Circle Alexander Village, on Senator Royall Drive just south of Mallard Creek Church Road, will feature one-, two- and three-bedroom units with vernacular classical revival architecture. The first units are expected to be available in fall 2013.

"This is a very desirable location in close proximity to shopping and employment, and is perfect for our next award-winning multifamily community," said Ben Collins, regional director for Crescent's multifamily division. "The Circle brand represents upscale apartment living with environmentally sensitive attributes and social programming with the goal to build a strong community and enhance our residents' lives."

Amenities will include a clubhouse with a gaming area, business center, cyber cafe, catering kitchen and clubroom. Residents will enjoy a pool plaza with a resort-style saltwater pool, aqua sundeck, outdoor kitchen, outdoor fireplace, bocci courts and lounging areas.

The community will also feature a scenic pond with a walking trail and amphitheater, a health club with state-of-the-art equipment and a yoga lawn, and an expansive dog park. Additionally, eight patio cabin units will overlook the pond.

Crescent will seek Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council for the clubhouse, as well as a Signature Sanctuary designation from Audubon International for the grounds.

Circle Alexander Village is being financed by equity investments from Crescent Resources and CNL Financial Group. The construction lender is Regions Bank. The architect for Circle Alexander Village is The Preston Partnership, and LandDesign is the landscape architect and civil engineer.

In addition to Circle Alexander Village, 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.; and Circle SouthPark in Charlotte. Crescent's planned multifamily communities include Circle Terminus in Atlanta and Circle University City in Charlotte.

Crescent Resources developed Circle at South End in Charlotte; Circle at Concord Mills in Concord, N.C.; Circle West Campus in Austin, Texas; and The Venue at Cool Springs in Nashville, Tenn. The company has developed more than 20 multifamily communities throughout the Southeast. Circle was inspired through extensive review and analysis of current industry trends and marketplace needs.

Source: Crescent Resources / #Multifamily #Apartments

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