Crescent to develop community in Hillsborough

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HILLSBOROUGH – Crescent Communities, a commercial real estate firm based in Charlotte, has acquired 116 acres in this town near Durham and Chapel Hill, with plans to develop a 233-home master-planned community, according to a release from the company.

The community will feature a mix of custom homes and townhomes, and homebuilding is expected to begin in spring 2014, according to the release. Prices in the yet-to-be-named community will range from the $200,000 to $500,000.

The community will offer access to major employment centers including Research Triangle Park, Duke University and UNC-Chapel Hill, and to Raleigh-Durham International Airport. Residents will also have nearby Hillsborough’s array of restaurants, shops, galleries and historical buildings, and it will be connected at the Eno River to the 530-mile Mountains to Sea Trail.

“As the real estate market continues to make its resurgence and people look at new home ownership, they will be looking for communities where they can live a balanced life with short commutes, social amenities, and access to green spaces,” said Keith Glenn, senior vice president for the Carolinas and Tennessee for Crescent’s residential group, in the release. “Our new master-planned community will give residents a great value both in their homes and in their quality of life.”