Capstone Real Estate Investments LLC (“CREI”) is pleased to announce that they have closed on the sale of Eagles Reserve Apartments in Auburn, AL to a national student housing operator.
CREI purchased Eagles Reserve (formerly known as The Reserve on South College) in summer 2014 and immediately began an extensive renovation, which Included creating bed/bath parity in the four bedroom – 2 bathroom apartment units.
The renovation also Included upgrades to the clubhouse, business center and 24-hour fitness center, resurfacing of the saltwater pool and surrounding sundeck, and the addition of an outdoor fireplace. Other unit interior upgrades Included new appliances, washer/dryers, flooring, fixtures and paint. Upon renovation, Eagles Reserve totaled 180 units and 576 beds.
These additions and upgrades paired with the communities’ proximity to Auburn University created significant value for CREI while offering an attractive opportunity for another operator to enter the market.