Crescent Resources Enters Student Housing Arena

AUSTIN, TX-Crescent Resources LLC has entered the student housing arena with a 167-unit project near the University of Texas. The Charlotte, N.C.-based developer has developed a number of traditional apartment properties in Florida and North Carolina.

All Crescent Resources properties are branded under the “Circle” name. Its first student housing project, dubbed Circle West Campus, will feature the same hallmarks of the Circle brand including environmentally conscious design and materials, as well as upscale amenities for residents.

"Circle West Campus will offer a unique student-living experience that isn't typically found in campus housing,” says Todd Farrell, president of Crescent Resources’ multifamily development group. “The community's uncommon amenities will provide a great environment for both study and recreation."

Located on 1.6 acres at the intersection of West 25^th and Longview Streets, Circle West Campus will feature a mix of studios, one-, two-, and four-bedroom apartments with a total of 477 beds.

Designed by local firm Kelly Grossman Architects LLC, the community will meet the requirements of the Austin Energy Green Building Multifamily rating. For example, individual apartments will include Energy Star appliances.

Circle West Campus will feature community amenities including a resort-style pool, tanning beds and a community study cafe and lounge. The recreation room will include televisions, interactive gaming systems, a pool table and a poker table. Additionally, student residents will have access to covered parking and a community grilling area.

Crescent Resources expects to break ground on the project later this month, and the first units are expected to be ready in June 2012. Circle West Campus was financed by a mix of equity, mezzanine debt and a construction loan.

Crescent Resources provided the equity, while Transwestern Mezzanine Realty Partners III LLC provided the mezz loan and Capital One Bank provided the construction loan. HFF’ Dallas office advised the firm on its capital stack.