Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of University Edge Apartments located approximately .25 mile from the University of Southern Mississippi in Hattiesburg, MS. Effective immediately, the community is being rebranded as Eagle Flatts Apartments in concert with a substantial renovation that Includes unit upgrades, common area improvements, and the conversion of a substantial amount of 4-bedroom units into 2-bedroom and 1-bedroom units. Upon completion of the renovation program in the summer of 2017, the property will have 468 beds with a diverse offering of 4-bedroom, 2-bedroom, and 1-bedroom units.
CREI will begin the first stages of the renovation program with an upgrade of 36 4-bedroom units and 36 2-bedroom units. These upgrades will Include new appliances, countertops, flooring, fixtures, paint, and furniture. Beginning this Spring, CREI will begin the process of converting 84 4-bedroom units into new 2-bedroom and 1-bedroom units. This conversion will offer greater product diversity and will shift the property’s dominant unit type from 4-bedroom units, which are oversupplied in the market, to 2-bedroom units, which are severely undersupplied in the market. Along with a meaningful renovation of the common areas, including an expanded fitness facility, all work will be completed by August of 2017.
The acquisition of University Edge 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 19 properties constituting just under 7,000 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 email@example.com or 205-949-2073.