Crescent Resources To Build Circle University City

by Katie Sloan

Charlotte, N.C. — $36 million community overlooks the UNC-Charlotte campus.

Charlotte, N.C. — Crescent Resources, a developer of single-family, multifamily and resort residential communities as well as an owner and manager of industrial parks and shopping centers, has begun construction of its latest student housing property.

The $36 million Circle University City is a 546-bed community near the University of North Carolina-Charlotte. It is scheduled to open in fall 2014.

Crescent Resources also developed Circle West Campus near The University of Texas at Austin, which sold for $47 million earlier this year.

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.

Amenities at this property include tanning beds, a salt-water pool, outdoor fire pits, a study and lounge area, a game room and a rooftop terrace overlooking the campus.

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