Crescent Resources, trust buy land for $37 million project

BUYER: GGT Crescent Crosstown FL Venture LLC (principals: Robert Bourne, Rosemary Mills and Steven Shackelford), Charlotte

SELLER: Crosstown Owner LLC

PROPERTY: 9891 Delaney Creek Blvd., Tampa

PRICE: $4.2 million

PREVIOUS PRICE: $2 million, July 2009

LAW FIRM ON DEED: Holt Ney Zatcoff & Wasserman LLP, Atlanta

PLANS, DESCRIPTION: Developer Crescent Resources LLC and real estate investment trust Global Growth Trust partnered to purchase five acres adjacent to the intersection of Interstate 75 and the Lee Roy Selmon Expressway for $4.2 million.

Construction has started on the partners' plans for a 344-unit, garden-style apartment development called Circle Crosstown. Development of the project is currently budgeted at $37 million.

“We are excited about this exceptional location close to an abundance of high-level employment, retail and services,” Brian Natwick, president of multifamily for Crescent Resources, says in a press release.

Circle Crosstown will feature one-, two- and three-bedroom units, a dog park, saltwater pool and resident lounge and cafe.

The first apartments are expected to be completed in the first quarter of 2013.

CNL Financial is sponsoring Global Growth Trust in the project. U.S. Bank NA is providing construction financing, and Crescent Multifamily Construction LLC will serve as the general contractor. The Preston Partnership LLC of Atlanta is serving as the designer for the project. The architect is Land Resource Design Group Inc., of Orlando.

The purchase entity GGT Crescent Crosstown FL Venture LLC mortgaged the property to US Bank National Association for $26.74 million.

Including Circle Crosstown, Crescent has five multifamily communities under construction, including properties in Nashville, Tenn., Austin, Texas, Raleigh, N.C.; and Durham, N.C. Crescent plans to start another seven apartment communities in 2012 valued at more than $300 million in Charlotte, Atlanta, Orlando and Nashville. The company has already developed more than 15 multifamily communities throughout the Southeast.