Crescent Plans to Construct 1,300 Residences as Part of Its New Apartment Concept

By Anuradha Kher, Online News EditorCharlotte, N.C.–Crescent Multifamily Development Group, a division of Crescent Resources LLC, a joint venture between Duke Energy and Morgan Stanley Real Estate Fund, has unveiled its new apartment concept for the multifamily industry called Circle.Crescent expects to have 1,300 residences under construction by April 2008 that will be part of Circle. With additional communities planned to start construction this year in North Carolina, Tennessee and Texas, Crescent is also exploring other high-growth cities including Dallas and Washington D.C.“The Circle communities will be places where neighbors connect and become stewards of the larger community,” says Todd Farrell, president of Crescent Multifamily Development Group.Circle residents will have the choice of living in a suburban garden-style apartment community or an urban mid- to high-rise apartment building.While some communities will follow the Leadership in Energy and Environmental Design (LEED) guidelines developed by the U.S. Green Building Council, all will be environmentally sensitive by design. The buildings will have living amenities that also save energy and reduce waste.“Community spaces and programming are designed with the lifestyle of today’s residents in mind, encouraging them to share interests and experiences, from volunteering and pet happy hours, to recycling programs and front row parking for hybrids,” says Farrell.Crescent’s flagship development, Circle at South End, located adjacent to a new light-rail station is the first urban community under way. Construction on the four-story community began in November 2007. The 360-unit community features one-, two- and three-bedroom apartment homes ranging from 550 to 1,650 sq. ft., and will seek LEED-certification upon completion.Florida is home to two suburban Circle communities that have broken ground this month: Circle at Crosstown, a 300-unit property in Tampa, and Circle at Bartram Park, a 336-unit in Jacksonville. Leasing for both is set to begin in fall 2008. The three-story communities feature one-, two- and three-bedroom apartment homes ranging from 780 to more than 1,300 sq. ft. Circle is also expanding throughout the Southeast region of the U.S and into Texas, with several suburban and mid- to high-rise apartment communities set to begin construction this year.