By Dees Stribling, Contributing Editor
Atlanta—Crescent Resources LLC is beginning construction of the Circle Terminus, a $67 million apartment project on a three-acre site at the Cousins Properties’ Terminus development. The company recently finalized its purchase of the site, paving the way for the development to start.
Crescent and Cousins have been working together for more than a year to plan the addition to Terminus. After a long drought in apartment construction in Atlanta, developers are beginning to develop. According to Reis Inc., only about 700 market-rate apartments were completed in the metro area in all of 2012, the smallest total ever recorded by the company since it started tracking the market more than 30 years ago. As many as 4,000 units might be completed this year.
According to Crescent, the architecture of the three eight-story buildings—three levels of parking topped by five stories of apartments—will take its inspiration from the existing contemporary buildings in the Terminus development. All together, the development will include 355 units.
Circle Terminus will be LEED certified once complete. Lord Aeck & Sargent of Atlanta is the project architect.
Crescent is financing Circle Terminus through its own equity, with JP Morgan Chase serving as construction lender. With the start of the Circle Terminus, Crescent has more than 2,900 multifamily units in more than 20 properties in the Southeast.