Crescent Resources Plans New Residential Community, Purchases 221 Acres
By Eliza Theiss, Associate Editor
Crescent Resources, LLC, a long-time developer and manager of both commercial and residential properties throughout the Southeastern US and Texas, has just purchased 221 acres of land in Franklin, Tennessee, from South Carothers Partners, LLC.
Located off the I-65 corridor, to the east, just a mile south of Murfreesboro Road, the 221-acre tract of land will be the site of Lockwood Glen, a new master-planned community consisting of 240 apartment units and up to 384 single family homes, intended for sale. Planning has begun for the community that will feature several family-friendly amenities. Pearl Street Partners, LLC, a Brentwood, TN-based development and management firm has been named development manager, working in concert with Crescent Resources.
Construction is set to begin in March, with the initial work on phase one, consisting of 70 single family homes and 27 townhomes. Home builders Celebration Homes, Goodall Homes and Regent Homes of Nashville have committed to purchase the first phase, set to be completed in early 2014. The first homes are reportedly expected to sell at prices starting in the low to mid $200,000s.
Located in Williamson County, Lockwood Glen will be three miles north of Cool Springs, and will feature about one mile of frontage on the recently approved Carothers Parkway extension, meaning Lockwood will be just a five-minute drive from major employment hubs. According to the U.S. Census Bureau, Williamson County grew 44.7 percent between 2000 and 2010 and with major commercial developments under way it’s expected to keep growing.
Charlotte, NC-based Crescent Resources is no newcomer to Nashville. Among the company’s most significant accomplishment in this growing market is the 428-unit Venue at Cool Springs luxury community, an Audubon International silver-certified project, as well as the one million square-foot Class A office development Corporate Centre at Cool Springs. Crescent has developed 50 master-planned and over 15 multifamily communities throughout the Southeastern US and Texas, with many more in various stages of development. Crescent Resources also owns 60 acres of land entitled and slated for a 750,000-square-foot Class A office development project in Cool Springs.
Image of Venue at Cool Spring courtesy of Crescent Resources