Crescent Develops $33M Luxury Apartment Community in Charlotte

By Eliza Theiss, Associate Editor

Crescent Resources is continuing its expansion in Charlotte’s multifamily market. For its newest project, the Charlotte-based developer has partnered up with Global Growth Trust Inc., a non-traded REIT focused on providing capital appreciation for investors. The result of this partnership will be Circle Alexander Village—a $33.6 million luxury apartment community that will rise on 18.6 acres in the northeastern part of Charlotte.

The 320-unit luxury garden-style community will feature one-, two- and three-bedroom apartments, the first of which will be available in fall of 2013. Units will be done in the style of vernacular classical revival architecture.

Circle Alexander Village will feature top community amenities—a pool plaza that will include a resort-style saltwater pool; a sundeck; lounging areas; bocci courts; an outdoor fireplace; and an outdoor kitchen. The community clubhouse will boast a business center, cyber café, gaming area, clubroom and a catering kitchen.  The apartment complex will encourage a healthy lifestyle with its state-of-the art gym, yoga lawn, dog park, walking trail and pond.

“The Circle brand represents upscale apartment living with environmentally sensitive attributes and social programming with the goal to build a strong community and enhance our residents’ lives,” declared Ben Collins, regional director for Crescent’s multifamily division, in a press release. And true to its eco-consciousness, Circle Alexander Village will pursue not only LEED certification, but an Audubon International Signature Sanctuary designation as well.

The Preston Partnership has been chosen as architect for the project, while LandDesign has been designated as landscaping architect and civil engineer. The construction lender is Regions Bank, while equity investments will be made by both parties of the partnership. Global Growth Trust will put forward 60 percent, and Crescent Resources will contribute the remaining 40 percent.

Circle Alexander Village is located within University Research Park near I-85, providing convenient access to both Downtown and the Greater Charlotte Area. The apartment community is only the first phase in a 62-acre mixed-use project Crescent Resources plans to develop.

Circle Alexander Village represents the second partnership between CNL Financial Group affiliate Global Growth Trust and Crescent Resources after partnering on Circle Crosstown—the $37 million apartment community in Tampa, Fla. currently under construction.

Crescent Resources’ 360-unit Circle at South End sold earlier this year for $74 million.

Photo courtesy of Circle at South End – Charlotte’s Facebook profile

Chart courtesy of Marcus & Millichap