Crescent Resources Opens Student Housing in Texas
- Aug 23, 2012
Austin, Texas—Crescent Resources LLC has opened Circle West Campus, a student apartment community located at the intersection of West 25th and Longview Streets by the University of Texas.
“The University of Texas has a large enrollment and a low number of on-campus housing units, so demand is high for off-campus student housing. Circle West Campus is the first multi-family project from Crescent Resources marketed directly to university students,” Scott Makee, Crescent Resources’ multifamily division regional director, tells MHN. “And while the philosophy behind Circle West Campus is true to the Circle brand, many of the amenities are focused on a college lifestyle.”
The 167-unit community features a mix of studios, one-, two-, and four-bedroom apartments, with a total of 476 beds. The community features environmentally conscious design and materials as well as upscale amenities for residents.
“Units contain upscale amenities such as stainless steel ENERGY STAR appliances, washers and dryers, kitchen islands with quartz countertops, nine-foot ceilings and private patios or decks,” Makee says. “The Circle brand was inspired through extensive review and analysis of current industry trends and marketplace needs.”
Circle West Campus offers many community-wide amenities focused on the lifestyle of students, including a large outdoor courtyard consisting of a resort-style pool with beach entry, a fire pit and grilling area with two grills.
“The community also offers two tanning rooms, a community study café and lounge, state of the art fitness center, recreation room and a sound system throughout,” Makee says. “The cardio equipment in the fitness center has interactive displays allowing students to not only watch television and access the contents of their iPod or iPhone, but to also connect to the Internet, allowing them to update their Facebook and Twitter accounts, all while working out in the gym. The recreation room includes five televisions, an iPod docking station, a pool table and a poker table.”
The 1.6-acre property is within walking distance of the University of Texas, allowing students the chance to live close to school, employment centers, dining, shopping and recreational destinations.
“We also believe the community’s location near the University of Texas-Austin is irreplaceable,” Makee says. “We pursued other sites near campus given the strong demand and current condition of the market, but the key was finding a site large enough to develop an appropriate density given the limited number of large parcels in the area. We found it in the Circle West Campus site.”
Circle West Campus was also designed and built to meet the requirements of the Austin Energy Green Building Multifamily rating.
The company engaged Greystar Real Estate Partners, a seasoned operator of student housing, as its property management company.
“The strength of the Circle brand combined with Greystar’s experience, creative marketing and Crescent’s delivery of a high quality product has created a very successful project,” Makee says. “Crescent’s apartment concept has been highly sought-after in its other markets throughout the Southeast.”