Crescent Resources has begun construction on Circle University City, a 187-unit, 546-bedroom student housing project slated to open in summer 2014 at the University of North Carolina, Charlotte.
The project at 9010 University City Blvd. is directly opposite the main entrance of UNC Charlotte, which enrolled the largest freshman class in its history this year. The development includes a structured parking deck on the 4.7-acre site between Mark Twain and Suther roads.
The units include configurations of one, two and four bedrooms. Amenities include individual study areas with iMacs and printer, a group study room with SmartBoard and media room, a fitness center, game room, pool and stand-up tanning bed.
Charlotte-based Crescent Resources is using equity to finance the development, with a construction loan from Regions Bank. The project team includes development partner Carbon Properties, architect BB+M Architecture, interior designer Vignette Interior Design, civil engineer and landscape architect LandDesign, general contractor Adolfson & Peterson Construction, and property manager Greystar.
Crescent Resources has 20 master-planned communities and eight multifamily communities with 2,900 units under development and an additional 2,900 multifamily units in predevelopment. The company owns about 72,000 acres across its four divisions, including 1,400 acres zoned for commercial use.