Crescent Taps Greystar to Manage Charlotte Student Housing

Crescent Communities has awarded Greystar Student Living a contract to manage Circle University City, a 546-bed (187-unit) student housing property it’s developing in Charlotte, N.C. This is the second student living assignment with Crescent Communities for Greystar.

Charlotte, N.C.—Crescent Communities has awarded Greystar Student Living a contract to manage Circle University City, a 546-bed (187-unit) student housing property it’s developing in Charlotte, N.C. This is the second student living assignment with Crescent Communities for Greystar.

The developer broke ground for the property in February, and when complete—in time for the fall 2014 semester—Circle University City will be the closest off-campus living option for students at University of North Carolina at Charlotte, located across the street from the main entrance of the university. The units come in configurations of one, two and four bedrooms.

Circle University City is financed by equity from Crescent Resources, with a construction loan from Regions Bank. Designed by BB+M Architects, the structure will be in compliance with National Green Building Standards, with the smoke-free property incorporating energy-efficient lighting, heating and water fixtures. Bike rentals will be offered and students will have access to nearby public transportation, including bus and light rail service.

Amenities will include a clubhouse with a media room, a gaming room with a 27-inch touchscreen tablet for interactive gaming, individual study areas with iMacs, and a group study room with a Smart Board. A two-story fitness center will feature cardio equipment with Internet access and television, a studio for barre and yoga classes, along with a separate tanning room with a stand-up tanning bed. Students can also use an outdoor rooftop deck and swimming pool.

Dallas-based Greystar is the national student housing arm of multifamily specialist Greystar Real Estate Partners, and it currently manages over 14,000 student housing beds nationwide. Charlotte-based Crescent Communities, which changed its name from Crescent Resources earlier this year, has real estate assets valued at about $1 billion, including 16 multifamily projects with 4,600 units under construction or planned.