Tuesday, January 22, 2013

Crescent Resources buys land for more homes and apartments

Charlotte-based Crescent Resources has acquired 221 acres in Tennessee to build a new master-planned community that will include for-sale homes and apartments.

Called Lockwood Glen, the project will include up to 384 for-sale homes and 240 apartments.  Construction of the first phase, to include 70 single-family homesites and 27 townhomes, will begin in March. The property is located along the east side of the I-65 corridor about one mile south of Murfreesboro Road.

“Lockwood Glen is an ideal opportunity to introduce Crescent Resources’ residential division to the Nashville market,” said Andy Carmody, president of the residential division for Crescent Resources. “Along with our existing multifamily and commercial interests in the market, we now have significant residential investment in the future of Middle Tennessee.”

Officials expect the first homes, with prices starting in the low to mid $200s, to be complete early in 2014. Pearl Street Partners, LLC is the development manager of this community working in concert with Crescent Resources. 

Long active in the commercial and multifamily development sectors in Nashville, Crescent is the master developer of the Cool Springs office parks Corporate Centre and Greenway Centre, as well as the luxury apartment community Venue at Cool Springs. In addition Crescent owns 60 acres in Cool Springs that are entitled and planned for an additional 750,000 square feet of Class A office space. The company is also the developer of CentrePoint Distribution Park, a warehouse and distribution center in LaVergne, Tenn.