Crescent Resources acquires 221 acres for ‘Lockwood Glen’ community

Franklin Home Page news reports

Published: January 22, 2014

Crescent Resources, LLC, has acquired 221 acres in Franklin from South Carothers Partners, LLC for a new residential community named Lockwood Glen. Planning is under way for the master-planned community of up to 384 for-sale homes and 240 apartment homes, and construction of the initial phase of 70 single-family homesites and 27 townhomes will begin in March. The property is located along the east side of the I-65 corridor approximately one mile south of Murfreesboro Road and will feature approximately one mile of frontage on the recently approved extension of Carothers Parkway. "Williamson County is one of the most vibrant and economically attractive areas in the Southeast, and this property is well-positioned to satisfy the high demand for new housing," said Keith Glenn, vice president of the residential division for Crescent Resources. "Adjacent to the major roadways that connect Cool Springs' employment center and the planned Berry Farms, this is an exceptional location for a new master-planned community." Lockwood Glen is located in what has become a development hotspot for Franklin and Williamson County. Simmons Ridge, which will bring 408 homes, is to the southeast, with the proposed 211-home Water's Edge and 160-home Helm Square developments planned in between Lockwood Glen and the Highlands of Ladd Park, which will eventually feature more than 1,000 homes. "Lockwood Glen is an ideal opportunity to introduce Crescent Resources' residential division to the Nashville market," said Andy Carmody , president of the residential division for Crescent Resources. "Along with our existing multifamily and commercial interests in the market, we now have significant residential investment in the future of Middle Tennessee." While planning for Lockwood Glen is ongoing, officials with Crescent describe a vision for a community with multiple amenities. Home builders Celebration Homes, Goodall Homes and Regent Homes of Nashville have committed to purchasing all 97 homesites in the first phase. Officials expect the first homes, with prices starting in the low to mid $200s, to be complete early in 2014. Pearl Street Partners, LLC will continue in its capacity as the development manager of this community working in concert with Crescent Resources. "We have had other groups recognize the value of this location and our vision for the property in the past," said Khris Pascarella, principal of Pearl Street Partners, LLC, "We were impressed with Crescent's reputation and commitment to quality planning and execution, so the opportunity to work with them to create a high caliber neighborhood in Franklin was very attractive." Crescent recently opened The Venue, a 428-apartment community, at 1001 Midwood Street in Cool Springs.

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