2016 May

Colony Club & High Point Apartments

 

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Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Colony Club Apartments in Tallahassee, FL.  Located just 0.1 miles from Florida State University, Colony Club consists of 169 1-, 2- and 3- bedroom units within walking distance to campus and local shopping, dining, and entertainment.

Along with Colony Club, CREI has also acquired High Point Apartments, a 151 unit community consisting of one bedroom apartments. Renovations are scheduled to begin this fall with an expected completion date of Fall 2017. CREI will be completing much needed interior improvements including paint, flooring, and fixtures as well as adding in-unit washer/dryers and updating the pool deck.

The acquisition of Colony Club and High Point is a continuation of CREI’s mission to acquire well-located assets proximate to major colleges and universities across the United States.  Formed in 2012, CREI currently owns/manages a diverse portfolio of 23 properties constituting  7,946 beds.  As an active acquirer, we encourage anyone interested in selling an asset near a major college or university to contact Jeff Taylor, Vice President of Acquisitions at jtaylor@capstonemail.com or 205-949-2073.

Old Taylor Place

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Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Old Taylor Place Apartments in Oxford, MS.  Located just 0.3 miles from campus, Old Taylor Place, consists of 112 newly-renovated 2 bedroom units within walking distance to the University of Mississippi (more commonly referred to as Ole Miss). Old Taylor Place boasts some unique amenities including a fully-equipped fitness center, swimming pool, outdoor lounge/grilling pavilion and a well-appointed outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, CREI intends to convert the property from an apartment community into a condominium community.

The acquisition of Old Taylor Place Apartments is a continuation of CREI’s mission to acquire well-located assets proximate to major colleges and universities across the United States.  Formed in 2012, CREI currently owns/manages a diverse portfolio of 21 properties constituting 7,746 beds.  As an active acquirer, we encourage anyone interested in selling an asset near a major college or university to contact Jeff Taylor, Vice President of Acquisitions at jtaylor@capstonemail.com or 205-949-2073.

Development Update: Hawks Landing Renovations Phase I

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Hawks Landing was originally developed in 1994 by Capstone Development Corp. as a University Commons property.  A CREI affiliate acquired the property in 2013 from American Campus Communities who had owned it since their purchase of GMH Properties in 2008.  Hawks Landing consists of 120 four bedroom/ two bath floor plans spread throughout ten buildings.  In the summer of 2015, CREI started a renovation process to update the interiors and exterior.

We began by replacing the siding on each building to give the property a fresh, updated look.  Then we began our interior renovation program, which included improvements in the office, game room, pool, and business center as well as a substantial renovation of each unit at the property.  The unit renovations included new cabinets with granite countertops, new light fixtures, new plumbing fixtures, new flooring, new doors and hardware, new blinds, and a partially updated furniture package.

As we were working our way through the four bedroom improvements, a shift in the Oxford, OH student housing market caused us to reconsider our plan.  As a result, we decided that we would renovate six of the ten four bedroom buildings and then change the floor plan on the other four buildings.  Starting this September, CREI will convert the existing four-bedroom floor plans in these last four buildings into a one bedroom apartment and two bedroom/ two bath apartments.  This will give Hawks Landing much-needed unit diversity that will allow the property to remain competitive in the market.  The “bifurcation” of the four bedroom units will be completed for the 2017-2018 lease term.