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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.