RECENT NEWS

University Edge Apartments

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 jtaylor@capstonemail.com or 205-949-2073.

Eagles Reserve

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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.

University Park Apartments

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Capstone Real Estate Investments, LLC (“CREI”) has closed on the off market acquisition of University Park Apartments located .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 jtaylor@capstonemail.com or 205-949-2073.