Capstone Real Estate Investments, LLC (“CREI”) has closed on the off market acquisition of University Park Apartmentslocated .25 miles from East Carolina University in Greenville, North Carolina. The 246 bed community is located within an easy walk to the core campus of ECU and contains 2 bed/2 bath and 2 bed/1 bath units.
Beginning in August 2015, CREI will begin a renovation program which will Include common area improvements and unit upgrades. In addition to a more traditional unit renovation scope which will Include new appliances, cabinets and countertops, flooring, fixtures, and paint, we plan to construct a new ‘infill’ building that will house the management office and model unit. All renovations and construction will be completed prior to the 2016-17 school year.
The acquisition of University Park 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 over 6,900 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 firstname.lastname@example.org or 205-949-2073.