Crescent Introduces New Concept for Apartment Communities Nationwide.

Construction Underway on Three Communities in North Carolina and Florida; Additional Communities Planned for North Carolina, Tennessee and Texas

CHARLOTTE, N.C. -- Crescent Multifamily Development Group today introduced Circle, a new apartment concept for the multifamily industry with an innovative approach to apartment living. With communities already under construction in North Carolina and Florida, residents will have the opportunity to live in an upscale, environmentally friendly development centered on enriching social experiences.

Crescent expects to have 1,300 Circle residences under construction by mid-April 2008. With additional communities planned to start construction this year in North Carolina, Tennessee and Texas, Crescent is also exploring other high-growth markets for Circle as part of its expansion plans, including Dallas and Washington D.C.

"With Circle, Crescent is poised to meet the needs of today's modern apartment residents by fostering a sense of community and doing something good for the environment," said Todd Farrell, president of Crescent Multifamily Development Group.

Circle was inspired through extensive review and analysis of current industry trends and marketplace needs. The progressive Circle communities will be places where neighbors connect and become stewards of the larger community. In addition to presenting a new breed of apartments that people are excited to live in, Circle developments will also be infused with the exceptional quality and customer-oriented features that have become Crescent hallmarks.

Circle residents will have the choice of living in a suburban garden apartment community or an urban mid- to high-rise apartment setting. While some communities will follow the Leadership in Energy and Environmental Design (LEED) guidelines developed by the U.S. Green Building Council for building, all will be environmentally sensitive by design. Style-savvy, upscale living amenities that also save energy and reduce waste offer the ideal home base for a contemporary schedule. Community spaces and programming are designed with the lifestyle of today's residents in mind, encouraging them to share interests and experiences, from volunteering and pet happy hours, to recycling programs and front row parking for hybrids.

Adjacent to a new light-rail station, Circle at South End in Charlotte, N.C., marks the first urban community under way. Construction began in November 2007 on Circle's flagship development. The four-story, 360-apartment home community features one-, two- and three-bedroom apartment homes ranging from 550 to 1,650 square feet, and will seek LEED-certification upon completion.

Florida will also become home to two suburban Circle communities that have already broken ground this month: Circle at Crosstown in Tampa and Circle at Bartram Park in Jacksonville. Leasing for both is set to begin in fall 2008. The three-story communities feature one-, two- and three-bedroom apartment homes ranging from 780 to more than 1,300 square feet. A total of 300 residences are planned for Circle at Crosstown, while 336 residences are planned for Circle at Bartram Park.

Circle is currently expanding throughout the Southeast and into Texas, with several suburban and mid- to high-rise apartment communities set to begin construction this year. They include Circle at University Marketplace in Durham, N.C., which is part of an overall mixed-use project that also features a retail center, as well as Circle at Cool Springs in Nashville, Tenn., and Circle at Stonelake in Austin, Texas.

Crescent Multifamily Development Group is a division of Crescent Resources, LLC, a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Established in 1969, Charlotte-based Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund.