Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of The Mark at Lexington, an off-campus community located within close proximity of the University of Kentucky. This purchase aligns with the company’s goal to expand its national footprint and is now the company’s second active project located within Kentucky. This transaction increases CREI’s portfolio size to 23 communities located in 19 markets.
Originally built in 1996 by Capstone Development Corp., this purpose-built student housing community is comprised of 182 units, totaling 676 bedrooms. As with many CREI projects, a renovation and repositioning strategy has been identified and will include the development of all new 1- and 2-bedroom floor plan options. The revised unit mix will better align with the specific housing demands of Lexington. Operational enhancements to security, building accessibility and management services complete the full project scope.
“The entire CREI team is excited to expand our presence within the state of Kentucky and its two largest cities – Lexington and Louisville. Being an internally capitalized and a vertically integrated organization, CREI has the capabilities to acquire, even during these challenging economic times. The Mark acquisition presents CREI with yet another unique value-add opportunity and we have no doubt that The Mark’s transformation will be well received by the market.” – Christopher Mouron, Executive Vice President – Acquisitions & Development / Principal.
