Crescent Resources is set to build Circle University City, a 546-bed apartment community for college students near the UNC Charlotte campus.
Construction on the $36 million Circle University City project will begin this week, and the first of the 187 units will be ready by the start of the fall 2014 semester.
The project will offer amenities targeted to students, including a study and lounge area, game room, and rooftop terrace overlooking the campus, tanning beds, a salt-water pool and outdoor fire pits.
“UNC Charlotte is experiencing soaring enrollment, an elevated profile and surging momentum with the addition of a football team, which makes it an ideal location for our successful brand of student housing, ” said Ben Collins, regional director for Crescent Resources. “Circle University City will offer a unique student-living experience that isn’t typically found in campus housing. The community’s targeted amenities will provide a great environment for both study and recreation.”
UNC Charlotte 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 targeted the University City Area, in part, because of the increase in students at UNC Charlotte and subsequent rising demands for housing.
Crescent Resources also developed the student housing community Circle West Campus near The University of Texas at Austin.
With Circle University City, Crescent has more than 2,906 multifamily units in communities valued at $442 million under construction throughout the Southeast. The company has developed more than 20 apartment communities.
Circle University City is financed by equity from Crescent Resources, 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.
In addition to Circle University City, other Crescent multifamily communities under construction include Circle SouthPark and Circle Alexander Village in Charlotte; Circle Bayshore and Circle Crosstown in Tampa, Fla.; Gallery at Cameron Village in Raleigh, N.C.; Circle Ninth Street in Durham, N.C.; and Circle Terminus in Atlanta.
Crescent Resources developed Circle at South End in Charlotte; Circle at Concord Mills in Concord, N.C.; and The Venue at Cool Springs in Nashville, Tenn.