Crescent Resources Starts Circle Terminus

                  Crescent Resources Starts Circle Terminus

Construction Begins on $67 Million Luxury Community

PR Newswire

ATLANTA, Jan. 2, 2013

ATLANTA, Jan. 2, 2013 /PRNewswire/ --Crescent Resources, LLC has completed
its purchase of a three-acre site within Cousins Properties' Terminus
development. Construction will begin immediately on the Circle Terminus, a $67
million innovative community with 355 apartment homes. The first units are
expected to be available in the spring 2014.

"This site has all the ingredients for a very successful luxury apartment
community," said Ben Collins, regional director for Crescent Resources. "Its
location in the heart of Buckhead is ideal. And, with its existing world-class
office space, luxury condominiums, outstanding public art, five-star dining
and street level retail, Circle Terminus will offer a unique lifestyle that
allows residents an opportunity to work, play and live all within easy walking
distances. This location and all those attributes are consistent with the
Crescent brand of exceptional and irreplaceable development."

"We selected Crescent Resources for this important aspect of Terminus due to
its expertise, experience, financial resources and commitment to sustainable
development," said John McColl, executive vice president of Cousins
Properties. "As a proven developer of high-quality, successful apartment
communities, they are a welcome addition to the development team at Terminus."

Crescent and Cousins have been working together for more than a year in the
planning for the newest addition to Terminus. The architecture of the three,
eight-story buildings (three levels of parking topped by five stories of
apartment homes) that comprise Circle Terminus takes its inspiration from the
existing contemporary buildings in the development.

Unique amenities will include a salt-water resort-style pool, roof-top
terraces with dramatic skyline views, a wine bar and tavern, an extensive
fitness center, a dog walk park, an art gallery and a business center. The
apartments will feature granite countertops, stainless steel appliances, faux
hardwood flooring and a custom lighting package are highlights.

Circle Terminus is designed to meet Leadership in Energy and Environmental
Design (LEED) certification requirements from the U.S. Green Building Council.
Lord Aeck & Sargent of Atlanta is the project architect. Southern Civil
Engineers of Atlanta serves as the civil engineer while Vignette Interior
Design of Charlotte is the interior designer LandDesign of Charlotte is the
land planner and landscape architect, and, and Hardin Construction of Atlanta
has been named the general contractor. Greystar, will serve as the property

Circle Terminus is being financed by an equity investment from Crescent
Resources. The construction lender is JPMorgan Chase & Co.

With the start of the Circle Terminus, Crescent has 2,906 multifamily units in
communities valued at $442 million under construction throughout the
Southeast. The company has developed more than 20 apartment communities.

While this is Crescent's first multifamily development planned for Atlanta,
Crescent Resources has been an active developer in the metro area for more
than two decades. The company developed the residential communities Sugarloaf
Country Club and The River Club as well as office and industrial parks
Crescent Ridge, Satellite Place, Riverside and Corporate Centre at Deerfield.
Along with Manulife Financial, the company is also the developer of Phipps

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 Terminus, other Crescent multifamily communities under
construction include Circle Bayshore and Circle Crosstown in Tampa, Fla.;
Gallery at Cameron Village in Raleigh, N.C.; Circle Ninth Street in Durham,
N.C.; and Circle Alexander Village and Circle SouthPark in Charlotte.

Crescent Resources developed Circle at South End in Charlotte; Circle at
Concord Mills in Concord, N.C.; Circle West Campus in Austin, Texas; and The
Venue at Cool Springs in Nashville, Tenn.

About Crescent Resources

Crescent Resources is a real estate development company with interests
throughout the southeastern United States. Based in Charlotte and established
in 1969, Crescent Resources is known for its single-family, multifamily and
resort residential communities. Crescent also develops business and industrial
parks and shopping centers. Visitwww.crescent-resources.comfor more

SOURCE Crescent Resources, LLC

Contact: Mike Reed, +1-704-376-3434,
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