Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of University Trails Apartments located near the University of Mississippi in Oxford, MS.
In the coming weeks, the community will be rebranded as “Flatts at South Campus” in concert with the beginning of a substantial renovation that includes unit upgrades and common area improvements. The new brand, Flatts at South Campus, reflects the proximity of the property to the university’s new South Campus Recreation Center which will open adjacent to the property in the Fall of 2018.
As part of the renovation scope, CREI will convert 72 3-bedroom/3-bath units into 144 1-bedroom/1-bath units as well as add 2 bathrooms to each of the 48 4-bedroom/2-bath units, thus creating bed-to-bath parity for the entire community. Upon completion of the renovation program in the summer of 2019, the property will have 420 beds with a diverse offering of 4-bedroom, 3-bedroom, 2-bedroom, and 1-bedroom units.
This is CREI’s third acquisition in Mississippi; CREI also manages two communities in Hattiesburg, MS – Eagles Flatts and The Cottages of Hattiesburg. The addition of University Trails brings CREI’s owned and managed bed count to 8,646.
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 firstname.lastname@example.org or 205-949-2073.