News and Links

Some news and notes pertaining to the multi-housing industry around the nation and Tampa Bay...have a great weekend everybody.

Crescent Resources shifts from commercial to build rental units

Crescent Resources LLC is expected to begin construction this summer on 300 rental units at Crosstown Center in Brandon. The $39.5 million Circle at Crosstown will be built by Crescent Multifamily Construction LLC, an affiliate of Crescent Resources, the project's general contractor. The project's total buildout including land, construction and development costs will equate to about $131,600 per unit.

Circle at Crosstown will be on the corner of U.S. 301 and Falkenburg Road in Brandon, just off the Crosstown Expressway outside the eastern city limits of Tampa. (Tampa Bay Business Journal)

Ranks of Apartment Dwellers Increase Dramatically

More than one million households joined the ranks of renters in the last two years, according to a new report by the National Multi Housing Council, a Washington-based group representing the multifamily rental housing industry.

Nationwide, the number of renters is projected to increase by 4.3 million households over the next decade, says Mary Ann King, 2007 NMHC chairman, in the council’s newly released annual report. Apartment demand is forecast to increase by 430,000 units annually, the report says. (National Real Estate Investor; nreionline.com)