Partnership Buys Tampa Land for New $37M Apartment Community
- Apr 09, 2012
Following the acquisition of 25 acres of land in Tampa, a partnership formed by Crescent Resources L.L.C. and Global Growth Trust plans on developing a 344-unit garden-style apartment community. The location of the newly acquired land is adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway, seven miles from downtown Tampa.
“We are excited about this exceptional location close to an abundance of high-level employment, retail and services,” said Brian Natwick, president of multifamily for Crescent Resources. “The innovative Circle Crosstown will offer its residents unique floor plans, uncommon amenities, high-quality finishes and attention to detail that is consistent with our brand.”
Construction work on the $37 million community—dubbed Circle Crosstown—is set to start immediately, with the site being carefully planned to preserve the majority of existing mature trees. Circle Crosstown will feature one-, two- and three-bedroom floor plans and will include amenities such as a dog-walk park, a salt-water pool and a resident lounge and cafe. Typical of Crescent’s other Circle communities, Circle Crosstown will incorporate many sustainable features and materials, with its clubhouse being designed to meet LEED certification requirements from the U.S. Green Building Council.
According to an official statement, Circle Crosstown is being financed by equity investments from Crescent Resources and Global Growth Trust, with CNL Financial serving as sponsor for Global Growth Trust. Construction financing is being provided by U.S. Bank N.A. Crescent Multifamily Construction L.L.C. will serve as the general contractor, while the design part falls in the hands of Atlanta-based The Preston Partnership L.L.C. The civil engineer is King Engineering of Tampa, and the landscape architect is Land Resource Design Group Inc. of Orlando.
Following the construction start of Circle Crosstown, Crescent Resources—which has developed more than 15 multifamily communities throughout the Southeast—plans to start seven additional apartment communities valued at more than $300 million, in cities such as Charlotte, Atlanta, Orlando and Nashville.