Capstone Real Estate Investments LLC (“CREI”) is pleased to announce that they have closed on the sale of University Lake Apartments in Tampa, FL to an affiliate of FPA Multifamily, LLC.
CREI purchased University Lake in the fall of 2012 and immediately began an extensive renovation and repositioning which Included the creation of 2-bedroom/2-bath units. In addition to creating a more diverse unit mix, the renovation Included new appliances, washer/dryers, flooring, fixtures, cabinets and granite counter tops as well as a new fitness center and other community updates. Upon renovation, University Lake totaled 300 units and 401 beds.
These additions and upgrades paired with the communities’ outstanding reputation and close proximity to the University of South Florida created significant value for CREI while offering an attractive opportunity for another operator to grow their holdings in the market.
This off-market transaction is a continuation of CREI’s mission to renovate 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 7,063 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.