Capstone Real Estate Investments LLC (“CREI”) is pleased to announce that they have closed on the sale of 446 Conradi Street in Tallahassee, FL to a national student housing operator.
CREI purchased 446 Conradi (formerly known as Colony Club Apartments) in summer 2016. The purchase also included High Point Apartments – located at 411 Chapel Drive.
High Point’s proximity to Florida State University’s campus and one bedroom unit mix presented CREI an attractive opportunity to increase its footprint in the Tallahassee market while diversifying their unit mix. CREI elected to exclude High Point from the sale – instead choosing to begin renovations immediately and rebrand the community.
This spring CREI rebranded High Point under the name of its sister community – Legacy Student Living. Renovations will be completed by August 2017 and include the replacement of building railings, installation of cedar screens on exterior stairwells, resurfacing and striping the parking lot as well as installing new exterior building lights, keyless locks, landscaping, pool furniture, unit and property signage. Interior upgrades include new flooring, fixtures, counter tops, cabinets and appliances as well as the addition of in-unit washer/dryers.
For more information about these renovations and to view photos, please visit www.legacystudenthousing.com.
Capstone Interiors completed the outdoor install at Eagle Flatts this quarter. The install included furnishing the renovated pool deck and “quad” – the covered pavilion and open-air green space for recreation.
Furniture totals amounted to:
This install along with repaving the parking lot and refreshing the landscaping concluded the exterior renovations of Eagle Flatts.
For more photos of this incredible design, please visit Eagle Flatt’s website.
Take a look at Hawks Landings updated business center! The space was previously an outdated game room and we’ve repurposed it into a conference center which will be more utilized by the students.
When designing any space for student living, we always try to incorporate school spirit. Many of our model apartments are decorated with artwork and other goods that celebrate the university. Here we based the color palette around Miami University’s colors (red, white, and black).
Since the new exterior siding and unit renovations have increased the sophistication of the property, Capstone Interiors wanted to follow suit with the business center and add more contemporary flair. Laura used bright accent colors and lively artwork to increase interest and draw students into the space. The computer tables and conference table have built in power, USB, and HDMI ports; this detail increases the flexibility and convenience of the space. Small updates like these can turn underutilized spaces into attractive, modern amenities our future residents will love using!
In May 2016, Capstone Real Estate Investments (“CREI”) closed on the purchase of High Point Apartments in Tallahassee, FL. The property presented a unique opportunity, as it is adjacent to a current holding – Legacy Suites.
High Point Apartments consists of two buildings with 151 one bedroom apartments. Given that the adjacent Legacy Suites Apartments consists exclusively of two bedroom apartments, we plan to merge the two properties and operate them as one community, branded as Legacy Student Living.
The High Point renovations include interior unit upgrades such as: new flooring, new cabinets, new granite countertops, new electrical and plumbing fixtures, and new blinds. The exterior of High Point will have new railings, new wooden accents on the stair towers, a new paint scheme, and a renovated pool. Leasing is underway and the renovations are scheduled to be completed by August 2017.
For more information and a look at renovation photos, please visit www.legacystudenthousing.com and click on “Photos”.
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 firstname.lastname@example.org or 205-949-2073.
Eagle Flatts officially joined the CREI portfolio on January 11, 2016 under the name University Edge. At the time of acquisition, the property had only preleased 36 beds for the 2016-17 school year. The leasing progress since that time has been nothing short of amazing.
As of March 22, 2016 the property is 73.64% preleased with 285 leases in hand. Additionally, the property team has already surpassed the 20% renewal goal by 12 percentage points and counting. While seeing great leasing velocity, we have also been able to increase rates on two different floor plans twice and a single time on another floor plan – all in just two short months. This miraculous turnaround is a testament to a sound leasing strategy and teamwork.
Renovations are progressing nicely on the units we are working on for delivery by the commencement of the 2016-17 school year. By this interim delivery deadline, we will have subdivided 24 four bedroom units and created 24 one bedroom units and 24 two bedroom units in their place. This heavy renovation will create more low density units that the Hattiesburg market is currently starved for. Models for these newly created floorplans are scheduled for delivery during the last week of March 2016 with the first phase of rentable units shortly thereafter. We will be subdividing the property’s remaining 60 four bedroom units over the course of the 2016-17 school year. We are also currently doing lighter renovations (fixture & finish work) on 36 four bedroom units and 36 two bedroom units. We were fortunate to deliver models for these floorplans prior to acquisition with some cooperation from previous ownership and quick mobilization by our development and construction staffs. Renovations on all units will be complete prior to the 2017-18 school year, and we just recently delivered our first phase of 15 finished units.
Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Colony Club Apartments in Tallahassee, FL. Located just 0.1 miles from Florida State University, Colony Club consists of 169 1-, 2- and 3- bedroom units within walking distance to campus and local shopping, dining, and entertainment.
Along with Colony Club, CREI has also acquired High Point Apartments, a 151 unit community consisting of one bedroom apartments. Renovations are scheduled to begin this fall with an expected completion date of Fall 2017. CREI will be completing much needed interior improvements including paint, flooring, and fixtures as well as adding in-unit washer/dryers and updating the pool deck.
The acquisition of Colony Club and High Point 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 23 properties constituting 7,946 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.
Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Old Taylor Place Apartments in Oxford, MS. Located just 0.3 miles from campus, Old Taylor Place, consists of 112 newly-renovated 2 bedroom units within walking distance to the University of Mississippi (more commonly referred to as Ole Miss). Old Taylor Place boasts some unique amenities including a fully-equipped fitness center, swimming pool, outdoor lounge/grilling pavilion and a well-appointed outdoor gaming area with basketball and volleyball courts, shuffleboard and horseshoes. Over the coming weeks, CREI intends to convert the property from an apartment community into a condominium community.
The acquisition of Old Taylor Place 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 21 properties constituting 7,746 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.
Hawks Landing was originally developed in 1994 by Capstone Development Corp. as a University Commons property. A CREI affiliate acquired the property in 2013 from American Campus Communities who had owned it since their purchase of GMH Properties in 2008. Hawks Landing consists of 120 four bedroom/ two bath floor plans spread throughout ten buildings. In the summer of 2015, CREI started a renovation process to update the interiors and exterior.
We began by replacing the siding on each building to give the property a fresh, updated look. Then we began our interior renovation program, which included improvements in the office, game room, pool, and business center as well as a substantial renovation of each unit at the property. The unit renovations included new cabinets with granite countertops, new light fixtures, new plumbing fixtures, new flooring, new doors and hardware, new blinds, and a partially updated furniture package.
As we were working our way through the four bedroom improvements, a shift in the Oxford, OH student housing market caused us to reconsider our plan. As a result, we decided that we would renovate six of the ten four bedroom buildings and then change the floor plan on the other four buildings. Starting this September, CREI will convert the existing four-bedroom floor plans in these last four buildings into a one bedroom apartment and two bedroom/ two bath apartments. This will give Hawks Landing much-needed unit diversity that will allow the property to remain competitive in the market. The “bifurcation” of the four bedroom units will be completed for the 2017-2018 lease term.
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.