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Crescent Resources opens student apartments in Texas

Crescent Resources said Thursday that it has finished a 167-unit apartment complex near the University of Texas.

Charlotte-based Crescent said the complex, Circle West Campus, is 99.6 percent leased, with more than 300 students already moved in. A press release did not disclose construction costs.

The complex, which has 476 beds, features studios and one- to four-bedroom units, according to Crescent. The apartments also feature Energy Star appliances, the company said, adding that the project includes a pool, tanning beds and a community study café and lounge.

Other features at the complex:

• a recreation room with televisions, gaming systems, a pool table and a poker table; and

• covered parking and a community grilling area.

Crescent said the project is within walking distance of the university and was designed and built to meet the requirements of the Austin Energy Green Building Multifamily rating program.

Kelly Grossman Architects, of Austin, Texas, was the architect. Rampart Construction, of Austin and Grapevine, Texas, was the general contractor.

According to Crescent, an equity investment from Crescent Resources, mezzanine financing from Transwestern Mezzanine Realty Partners III and a construction loan from Capital One Bank financed the project.

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