Charlotte, N.C.—Crescent Resources has begun work on Circle University City, a 546-bed apartment property for students at the nearby University of North Carolina-Charlotte campus. The first of the 187 units will be ready by the start of the fall 2014 semester.
According to Crescent Resources, Circle University City will feature various amenities targeted to students, including a study and lounge area, game room and rooftop terrace overlooking the campus. Other amenities include tanning beds, a salt-water pool and outdoor fire pits, as well as environmentally sustainable features, such as solar-powered and recycled elements.
The company says it targeted the University City Area, in part, because of the increase in students at UNC Charlotte and subsequent rising demands for housing. It’s a common enough dynamic in towns with large college campuses.
In the case of UNC Charlotte, the school enrolled the largest freshman class in its history for the fall 2012 semester, with 631 more students than expected, and university officials noted that campus housing has become an issue. To accommodate the influx of students, the school increased the number assigned to double rooms and delayed the demolition of an aging residence hall.
Crescent Resources also developed the student housing community Circle West Campus near the University of Texas at Austin, which it sold earlier this year for $47 million. With Circle University City, Crescent has nearly 2,900 multifamily units throughout the Southeast. The company has developed more than 20 apartment properties.