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Sales and Product Specialist to Lead Strategy and Branding
CHARLOTTE, N.C., May 8, 2012 … Crescent Resources, LLC has tapped Tyler Niess to lead marketing strategy and branding for the company. As vice president and chief marketing officer, Niess will develop and implement a marketing strategy to support all of the company’s activities.
“Tyler brings great energy and enthusiasm along with broad marketing knowledge, innovation and leadership to this new role,” said Todd Mansfield, president and chief executive officer. “He is a highly analytical strategic thinker who possesses a wealth of technical skills. We look forward to his leadership as Crescent continues its growth.”
“I am excited about the vision for Crescent’s future, and look forward to making a contribution to its success,” said Niess. “The company is forward-thinking and creative in its land use and development practices, and its marketing activities will reflect that.”
Niess joins Crescent after seven years with Playground Destination Properties, the real estate sales and marketing subsidiary of the global resort development and operations company Intrawest. Most recently, he served as vice president, leading marketing, business development and corporate strategy. He had previously served as senior director for sales and marketing with oversight for all aspects of sales and marketing for projects in Latin America, North America and Europe. He started with the company as business unit marketing director responsible for the Rocky Mountain West and Mexico region.
Prior to Playground Destination Properties, Niess served as general manager of Frog Design, a product and design company in New York. His experience also includes serving as vice president and managing director of Critical Mass, an interactive agency in Calgary and as manager of business and practice development at KPMG Consulting (now BearingPoint) in San Francisco.
Niess earned a bachelor’s degree with honors from Dartmouth College and has done graduate studies at the University of Colorado, Boulder.
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National Search Leads to Executive Experienced in Acquisitions
CHARLOTTE, N.C., April 30, 2012 … A national search culminated in the appointment of Andrew Carmody as president of the residential division of Crescent Resources, LLC. Carmody has held senior leadership positions with Kitson & Partners, Centex Homes and McKinsey & Company.
He assumes the duties of president of Crescent’s residential division May 7. In this capacity, Carmody will have overall responsibility for the division’s performance and growth. In addition to managing the company’s existing residential assets, he will oversee the identification and closing of new residential acquisitions, which is a major strategic priority for the company.
“Andy’s expertise in investment strategy and acquisitions will compliment the deep development and operational expertise of our residential team,” said Todd Mansfield, president and chief executive officer of Crescent Resources. “We have high expectations for Andy and our team as we invest significant capital in the growth of our residential portfolio.”
“The opportunities for Crescent in residential are remarkable,” said Carmody. “The company has a 40 plus year legacy of creating innovative and market-leading residential communities. I am looking forward to working with the existing strong team to identify, develop and manage the next generation of communities for Crescent.”
Prior to joining Crescent, Carmody was senior vice president with Kitson & Partners, an institutionally-backed real estate development company with a portfolio of 21,000 residential units and more than 7 million square feet of operating and entitled commercial space. There, he was responsible for investment strategies, new business development, acquisition and early-stage investment management for a $350 million real estate investment platform. He evaluated more than $1 billion in potential acquisitions in the last three years. Among his accomplishments was the creation of an advanced geographic information system (GIS) tool to evaluate key investment and development considerations when assessing acquisition opportunities.
He previously served Centex Homes as director of strategic and operational marketing and was involved in strategic planning, acquisitions, community design, product development, marketing and advertising. Before starting his career in real estate, he was an engagement manager with McKinsey & Company where he focused on strategy, market assessment, product development and operations for a wide range of clients.
Carmody’s diverse professional background also includes service as an engineering specialist for The Boeing Company, as a production manager for Amerigon, Inc., a technology company that develops products for the automotive industry, and as a project manager for Burtek, Inc., an engineering and manufacturing firm specializing in military and industrial equipment.
Carmody earned a bachelor’s degree in engineering from the University of Michigan and a master’s of business administration from Harvard Business School. He is a member of the Urban Land Institute and its Community Development Council. Active in his alma mater, he volunteers with the student-run Harvard Business School Real Estate Club.
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Franklin, Tenn., April 18th, 2012 … The apartment community Venue at Cool Springs was designated an Audubon International Signature Sanctuary after meeting strict environmental criteria. The community, developed by Crescent Resources and owned by MAA, is the first solely multifamily project in Tennessee and the second solely multifamily project in the United States to receive the designation.
Venue at Cool Springs, which earned Audubon International’s silver certification, is a 428-unit luxury community at the intersection of Carothers Parkway and E. McEwen Drive. The signature sanctuary certification is awarded to new developments that are designed, constructed and maintained according to precise planning standards and environmental disciplines.
“We set out to build a sustainable community that would attract environmentally conscious residents,” said Brian Natwick, president of Crescent’s Multifamily Division. “We’re proud of this achievement, and it underscores our commitment to green living.”
Leasing has started and the first phase of Venue at Cool Springs is open. Construction is scheduled to be complete this fall.
“We are excited to own and operate a property built to these standards while providing a comfortable place to live for our residents,” said Kevin Perkins, senior vice president and director of physical assets for MAA. “We take special care to protect our valuable environmental resources.”
Venue at Cool Springs is Crescent’s second project to earn this status from Audubon International. A luxury apartment community in Concord, N.C. – Circle at Concord Mills – was the first multifamily community in the country to be certified as an Audubon Signature Sanctuary.
To become certified, project leaders must design and implement a natural resource management plan for the property. Issues that must be addressed include wildlife conservation, habitat enhancement, water quality monitoring, integrated pest management, water conservation, energy efficiency and waste management.
“The program provides tangible third-party verification that the property has been developed and is being managed according to Audubon International’s principles for sustainable resource management,” said Signature Program Director Nancy Richardson. “Audubon International’s Signature Program was created to recognize developments which choose to integrate sustainable design and property management, thus balancing the needs of people with the protection of the environment.”
Venue at Cool Springs’ design also adheres to the standards of the National Association of Home Builders (NAHB) Green Certified Site Design and Development.
The apartment community was designed by The Housing Studio of Charlotte, NC, and includes a mix of one-, two- and three-bedroom floor plans in a series of three-story Craftsman-style buildings.
About Audubon International
Audubon International is a not-for-profit environmental education organization dedicated to educating, assisting and inspiring millions of people from all walks of life to protect and sustain the land, water, wildlife and other natural resources around them. By helping people make sound environmental decisions and take environmentally responsible actions, Audubon International seeks to foster more sustainable human and natural communities. The organization works with more than 3,000 properties and communities in 26 different countries.
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New Facility in Altamonte Springs to be Complete in 2013
ORLANDO, Fla., April 10, 2012 … Developer Crescent Resources has started construction of a six-story, 199,777-square-foot office building and parking garage for Adventist Health System. The new facility is adjacent to Adventist Health System’s new 153,864-square-foot, five-story corporate headquarters, developed by Crescent and completed in December. With a campus encompassing about 25 acres, the two buildings are on Hope Way, near the intersection of State Road 434 and Maitland Blvd., in Altamonte Springs.
“It is a pleasure to join with AHS and the other team members to create a inspiring work atmosphere for AHS employees,” said Whit Duncan, president of Crescent’s commercial division. “The campus respects the environment, as evidenced by the recent LEED certification.”
Both buildings are designed and built with an environmentally-friendly design and materials. The corporate headquarters has received Leadership in Energy and Environmental Design (LEED) Silver certification from the U.S. Green Building Council. The program’s goal is to maximize efficiency while minimizing environmental impacts. The building incorporates green building materials, energy-efficient design components such as terracotta façade, glazing system, lighting fixtures and controls, mechanical system (HVAC), native landscaping plants and reclaimed water to conserve water resources. That philosophy and dedication continues with the second building.
The buildings overlook a large lake with fountains, and the campus features a bridge to a reflection pond. Nearly 400 employees will occupy the corporate headquarters building and 450 additional employees are estimated to move into the second building.
The new building will house support operations for AHS. The second building is scheduled for completion in spring 2013.
The same team that produced the corporate headquarters is creating the second building. In addition to developer Crescent Resources, the project architect is Little, the contractor is Brasfield & Gorrie and the Project Consultant is Parsons.
About Adventist Health System
Adventist Health System is a faith-based health care system that supports 43 campuses, 16 long term care centers and 21 home health agencies. AHS employs 55,000 people, includes more than 7,700 licensed beds and provides care for more than 4 million patients each year. Founded in 1973, Adventist Health System has grown to become the largest not-for-profit Protestant health care provider in the nation, with its flagship, Florida Hospital, providing almost 2,200 beds on eight campuses.
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Circle Crosstown will be a $37 million apartment development
TAMPA, FLA., March 28, 2012 — Crescent Resources, LLC, in partnership with Global Growth Trust, has acquired 25 acres in Tampa, Fla., for a 344-unit, garden-style apartment community. Adjacent to the intersection of I-75 and the Lee Roy Selmon Expressway, the site is five miles from the intersection of I-75 and I-4 and seven miles from downtown Tampa. Construction will begin immediately on the $37 million community, which will be named Circle Crosstown.
“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.”
Circle Crosstown will feature thoughtfully designed one-, two-, and three-bedroom floor plans and include amenities such as a dog walk park, a salt water pool, and resident lounge and café. Typical of Crescent’s other Circle communities, Circle Crosstown will incorporate many sustainable features and materials. The clubhouse has been designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council. The site has been carefully planned to preserve the majority of existing mature trees, resulting in a community that will appear to have existed for many years. The first apartments are expected to be complete in the first quarter of 2013.
Circle Crosstown is being financed by equity investments from Crescent Resources and Global Growth Trust. Global Growth Trust is sponsored by CNL Financial. Construction financing is being provided by U.S. Bank N.A. Crescent Multifamily Construction, LLC will serve as the general contractor. The architect is The Preston Partnership, LLC of Atlanta. The civil engineer is King Engineering of Tampa, and the landscape architect is Land Resource Design Group, Inc., of Orlando.
Including Circle Crosstown, Crescent has five multifamily communities valued at $220 million under construction in Nashville, Tenn.; Austin, Texas; Raleigh, N.C.; Durham, N.C.; and Tampa, Fla. In addition to Circle Crosstown, Crescent plans to start seven additional apartment communities in 2012 valued at more than $300 million in cities such as Charlotte, Atlanta, Orlando and Nashville. The company has developed more than 15 multifamily communities throughout the Southeast.
About Circle
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.
About Global Growth Trust
Global Growth Trust is a company whose goal is to provide capital appreciation for its shareholders. The company, which is taxed as a real estate investment trust (REIT), plans to build a portfolio of real estate and real estate-related assets located in the United States and abroad; over the long term, up to 30 percent of its assets may be located abroad. For more information, visit www.GrowthTrust.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $26 billion in assets. CNL is headquartered in Orlando, Florida.
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Crescent Resources Starts Design Of Two Greenway Centre
Nashville, Tenn., March 19, 2012 … Given the positive market dynamics and the low vacancy rates in Cool Springs, Crescent Resources has started design of Two Greenway Centre, a Class A office building in Franklin, Tenn. One Greenway Centre was completed last year, and Jackson National Life leased 100 percent of that building.
“We own 60 acres in Cool Springs which is entitled and planned for 750,000 square feet of Class A office space,” said Jason Holwerda, who was recently named vice president of commercial for the Nashville market after five years with Crescent Resources. “With its own fitness center and the abundance of walking trails on the property, Two Greenway Centre will offer a unique working environment for its tenants.”
Two Greenway Centre will be a 155,000-square-foot, five-story building, and is being designed to achieve Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. Crescent has selected Little as the architect.
Conveniently located just 14 miles south of Nashville’s central business district, Greenway Centre offers immediate access to I-65 and is just 20 minutes from the Nashville International Airport. Crescent is also the master developer for Venue at Cool Springs, a 428-unit luxury apartment community at the intersection of Carothers Pkwy. and E. McEwen Dr. adjacent to Corporate Centre and Greenway Centre.
In addition to Corporate Centre, Greenway Centre and The Venue at Cool Springs, Crescent is the developer of CentrePointe Distribution Park, a warehouse and distribution park in the Nashville area. This 260-acre park in La Vergne (Rutherford County), Tenn., is strategically located near the intersection of I-65, I-40, and I-24, and just minutes from the Nashville International Airport. CentrePointe currently has 198,000 square feet of warehouse space and several prime distribution and retail sites. CentrePointe has the capacity for 3.5 million square feet of warehouse and distribution space.
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Crescent Invests Equity; Pearlmark and U.S. Bank to Provide Financing
DURHAM, N.C., Feb. 22, 2012 … Crescent Resources, LLC celebrated the start of construction today on a landmark 303-apartment community, Circle Ninth Street. The $47 million apartment project is located on a six-acre site adjacent to Ninth Street and the historic Erwin Mill building.
The community is being financed by an equity investment from Crescent Resources and financing from Pearlmark Real Estate Partners LLC and U.S. Bank N.A.
“Partnering with solid financiers such as Pearlmark and U.S. Bank that share our commitment to high-quality development will produce an extraordinary multifamily community,” said Brian Natwick, president of Crescent’s Multifamily Division. “With such an irreplaceable site in close proximity to employers, dining and entertainment options, Circle Ninth Street is poised to offer residents a true work, live and play lifestyle.”
“Our investment in Circle Ninth Street is consistent with our strategy, which is focused on proven developers with prime locations in markets with strong growth potential,” said Mark Witt, managing director with Pearlmark.
“With the strong market location and the expertise of Crescent’s development team, we see great potential for Circle Ninth Street,” said Amy Clement, senior vice president of real estate for U.S. Bank.
Several distinct building types, inspired by the existing historic Erwin Mill building and the previous factories and warehouses in the area, will provide a neighborhood feel and context for Circle Ninth Street. The arrangement of the four-story buildings allows for a number of private outdoor amenity areas, including a central lawn, community park, dog park, and pool and fitness courtyard. Highlights of the resident amenities are a wireless cafe, gaming room, demonstration kitchen, lounge, group study library, business center, media room and fitness center.
A mix of reclaimed industrial materials and clean modern aesthetics will highlight the interior spaces. Circle Ninth Street is designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.
Cline Design Associates of Raleigh is the project architect and landscape architect. Historical Concepts, based in Atlanta, serves as the design consultant. John R. McAdams of Durham is the land planner and civil engineer, and Vignette Interior Design of Charlotte is the interior designer. State Building Group of Charlotte has been named the general contractor. Kettler Management of McLean, Va., will serve as the property manager.
More information is available at LiveNinthStreet.com.
About Circle
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.
In addition to Circle Ninth Street, multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn.; Circle West Campus in Austin, Texas; and Gallery at Cameron Village in Raleigh, N.C. Crescent’s planned multifamily communities include Circle SouthPark in Charlotte; and Circle Bayshore in Tampa; and four additional developments planned to start construction in 2012. The company has developed more than 15 multifamily communities throughout the southeast.
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CHARLOTTE, N.C., Jan. 5, 2012 – Crescent Resources’ board of managers has appointed Todd Mansfield president and chief executive officer of the company. Mansfield previously served as lead director for the company and brings three decades of experience to the post.
Additionally, the board named Dan Van Epp as its non-executive chairman. Van Epp is executive vice president of Newland Real Estate Group, LLC and president of The Van Epp Companies, LLC. He has served Crescent as a director since early 2011.
“Crescent is extremely fortunate to have Todd take the helm,” said Van Epp. “He is a visionary leader with the depth and breadth of real estate expertise to shape our future growth. Plus, he already has an extensive knowledge of the organization.”
“I am honored to have the opportunity to serve this significant company,” said Mansfield. “Crescent has solid positions in important real estate sectors and desirable markets, as well as access to capital. We have great opportunities before us to create value in real estate, and I am fortunate to work closely with this team of exceptionally talented individuals.”
During his career, Mansfield has overseen deployment of more than $5 billion in development and real estate investment capital. Mansfield was president of Bio-Logical Capital of Denver and will transition to membership on its board of directors. His experience also includes serving as chairman and chief executive officer of Crosland and as executive vice president of Disney Development Company, where he led the team that initiated development of the 5,000-acre Town of Celebration. He also was previously a managing director of Security Capital Group in London. Mansfield earned a bachelor’s degree from Claremont McKenna College and a master’s of business administration from Harvard University.
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303 Unit Luxury Apartment Community under construction in Durham, N.C.
Durham, N.C., Dec. 5, 2011 … Crescent Resources, LLC completed its acquisition of a six-acre site adjacent to Ninth Street and the historic Erwin Mill building today. Construction will begin immediately on a landmark 303-apartment home community, Circle Ninth Street. The first apartments are expected to be complete in the fall.
“This irreplaceable site is ideal for multifamily residential with its close proximity to the entertainment and dining venues in the Ninth Street District, Whole Foods, Duke University and Duke’s medical campus that employs more than 32,000 people,” said Brian Natwick, president of Crescent Resources’ multifamily division. “Circle Ninth Street will offer a unique lifestyle that allows residents an opportunity to work, play and live all within easy walking distances.”
The architectural style of Circle Ninth Street was inspired by the existing historic Erwin Mill building and the previous factories and warehouses in the area. Those styles will be incorporated across several distinct building types to provide a neighborhood feel and context for the Ninth Street community. A mix of reclaimed industrial materials and clean modern aesthetics will highlight the interior spaces. Circle Ninth Street is designed to meet Leadership in Energy and Environmental Design (LEED) certification requirements from the U.S. Green Building Council.
The arrangement of the four-story buildings will provide several private outdoor amenity areas, including a central lawn, community park, dog park, and pool and fitness courtyard. The courtyards will be interconnected, and the streetscape areas are designed for urban, walkable connections. Resident amenities will include a lounge, wireless cafe, gaming room, demonstration kitchen, group study library, business center, screening room and fitness center.
Cline Design Associates of Raleigh is the project architect and landscape architect. Historical Concepts, based in Atlanta, serves as the design consultant. John R. McAdams of Durham is the land planner and civil engineer, and Vignette Interior Design of Charlotte is the interior designer. State Building Group of Charlotte has been named the general contractor. Kettler Management of McLean, Va., will serve as the property manager.
The $47 million project is being financed by an equity investment from Crescent Resources and financing through U.S. Bank N.A. and Pearlmark Real Estate Partners LLC. Crescent has started construction on four multifamily communities in 2011, and this is the company’s third equity investment in a multifamily project this year.
More information is available at LiveNinthStreet.com. The website also provides a signup form for people who wish to receive project announcements and leasing information.
About Circle
Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities are places where neighbors connect. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments are also infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks. Visit www.liveinthecircle.com for more information.
Crescent’s existing multifamily communities include Circle at South End in Charlotte, N.C.; Circle at Concord Mills in Concord, N.C.; Circle at Crosstown in Tampa, Fla.; and Circle at Bartram Park in Jacksonville, Fla. In addition to Circle Ninth Street, multifamily communities under construction include The Venue at Cool Springs in Nashville, Tenn.; Circle West Campus in Austin, Texas; and Gallery at Cameron Village in Raleigh, N.C. Crescent’s planned multifamily communities include Circle SouthPark in Charlotte; and Circle Bayshore in Tampa; and four additional developments planned to start construction in 2012.
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CHARLOTTE, N.C., Oct. 11, 2011 … Crescent Resources, LLC has expanded its multifamily division with the appointment of seven individuals to serve in key positions. Denon Williams has been named vice president and regional construction manager. Susana Granda and Brian Nicholson will serve as development mangers. Elam Hall has been promoted to senior development associate, and Will Chapman has been appointed to senior finance associate. Davette Harper is senior administrative assistant and marketing coordinator. Additionally, Lori Thornton has been promoted to project controller.
“Denon, Susana, Brian, Elam, Will and Davette are extraordinary additions to our outstanding team and Lori’s promotion is well-deserved,” said Brian Natwick, president of multifamily for Crescent Resources. “With this team, we are poised to take advantage of all the opportunities before us.”
Williams has 28 years of construction experience, completing more than 10,000 multifamily units. Most recently, Williams served as the president of Crosland’s contracting company. He is a graduate from the University of North Carolina at Chapel Hill.
Nicholson joins Crescent Resources from Willco Companies where he was a senior project manager. His more than a decade of experience also includes serving as a project executive for Kettler, a project manager for Triad Construction Services, Inc., and as a superintendant and associate project manager for Opus East, LLC. Nicholson holds a master’s degree in real estate from Johns Hopkins University and is a graduate of the University of Florida with a bachelor’s degree in building construction.
Granda has more than seven years of multifamily development experience including roles with Penrose, Opus West and Alliance Residential. She is a graduate from Cornell University with a degree in civil engineering and holds a master’s degree in real estate development from the University of Southern California.
Prior to being promoted to senior associate, Hall served Crescent as an analyst for the past four years. While earning his master’s in business administration from UNC Chapel Hill, he interned with the U.S. Department of State performing real estate evaluations. His decade of business experience includes serving as an account executive for Elster Electricity, LLC and as a marketing representative and sales engineer for Asea Brown Boveri. He earned a bachelor’s degree in mechanical engineering from N.C. State University.
Chapman spent six years in real estate finance with Capital Advisors, Inc., formerly RBC Capital Advisors. He is a graduate of Davidson Collage with a degree in economics.
Thornton has been an assistant project controller for the construction team with Crescent Resources for nearly five years. In her expanded role, Thornton will be the accounting leader for all construction functions and will also work on all development accounting functions.
Harper is a graduate of UNC-Charlotte with experience in the multifamily industry having worked with Grubb Properties.
Crescent’s existing multifamily communities are Circle at South End in Charlotte, N.C.; Circle at Concord Mills in Concord, N.C.; Circle at Crosstown in Tampa, Fla.; and Circle at Bartram Park in Jacksonville, Fla. Multifamily communities under construction include The Gallery at Cameron Village in Raleigh, N.C., the Venue at Cool Springs in Nashville, Tenn., and Circle West Campus in Austin, Texas. Circle at Ninth Street in Durham, N.C.; Circle at South Park in Charlotte; and Circle at Bay Shore in Tampa are in the planning stages.
