Crescent Resources to Develop $47M Apartment Community in Durham
- Mar 02, 2012
by Adriana Pop, Associate Editor
Crescent Resources LLC recently broke ground on Circle Ninth Street, a $47 million Circle-branded multifamily community in Durham.
The 303-unit apartment project is designed to meet LEED certification requirements from the U.S. Green Building Council.
Part of the financing has been provided through an equity investment from Crescent Resources. Another part of the construction funding comes from financiers Pearlmark Real Estate Partners LLC and U.S. Bank.
“Partnering with solid financiers such as Pearlmark and U.S. Bank that share our commitment to high-quality development will produce an extraordinary multifamily community,” said Brian Natwick, president of Crescent’s Multifamily Division.
Situated in a well-developed area, the community will be in close proximity to employers, dining and recreational options. Residents will have access to a wireless cafe, gaming room, demonstration kitchen, lounge, group study library, business center, media room and fitness center. Private outdoor amenities include a central lawn, a community park, a dog park, as well as a pool and fitness courtyard.
The landmark apartment complex is located on a six-acre site adjacent to the historic Erwin Mill building. Project and landscape architect Cline Design Associates will seek to use the architectural features of the existing historic building and deliver a neighborhood feel for the community’s four-story buildings.
Atlanta-based Historical Concepts will serve as the design consultant. Durham-based John R. McAdams will be the land planner and civil engineer, and Vignette Interior Design of Charlotte has been selected interior designer. State Building Group has been appointed general contractor and Kettler Management of McLean, Va. will manage the property.
Circle-branded communities are generally designed with a focus on the environment and green living. They were first developed in 2008 and have been thriving ever since. According to the CityBizList, Charlotte-based Crescent Resources has developed Circle multifamily communities in Charlotte and Tampa and is currently building new ones in Nashville, Austin, Texas, and Raleigh, N.C.