Crescent Resources Sells UT Community for $46.8 Million

by Katie Sloan

Austin, Texas — The 100 percent leased community was designed to meet Austin green building standards.

Circle West CampusAustin, Texas  — Crescent Resources has sold Circle West Campus for approximately $46.8 million to a private sponsor backed by a high net worth investor. Circle West Campus has 176 units and 476 beds. It sold for approximately $265,760 per unit or $98,265 per bed. The 100 percent leased community at the intersection of West 25th and Longview streets by the University of Texas opened in August. ARA represented Crescent Resources in the transaction.

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. Greystar was a design consultant and managed the lease-up.

The community has a resort-style pool, tanning beds, and a community study café 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.

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