Crescent to Develop New Community near UT

by Katie Sloan

Circle West Campus will be the fifth Circle community built by Crescent.

Austin, Texas — Charlotte, N.C.-based Crescent Resources will begin construction this month for a new student housing project serving the University of Texas community. Circle West Campus will be located at the intersection of West 25th and Longview streets, within walking distance of campus. It will contain 477 beds in a mix of 167 studio, one-, two- and four-bedroom units.

All residences will contain Energy Star appliances. The community will be constructed to Austin’s Energy Green Building Multifamily standards.

Community amenities include a resort-style swimming pool, tanning beds, a community study café and lounge, a community grilling area, and covered parking. The community recreation room will contain televisions, gaming systems, a pool table and a poker table.

The first units will be completed in June 2012. Local firm Kelly Grossman Architects is designing the project, and locally based Rampart Construction is building it. The Dallas office of Holliday Fenoglio Fowler assisted Crescent in obtaining project financing, which includes a construction loan from Capital One Bank and a mezzanine loan from Transwestern Mezzanine Realty Partners III.

Circle West Campus marks Crescent’s fifth Circle community. The other four are located in Jacksonville and Tampa, Fla., and Charlotte and Concord, N.C. The company is planning additional projects in Nashville, Tenn., as well as Raleigh and Durham, N.C.

— Coleman Wood

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