Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Student Quarters – Rutherford, an off-campus community located within close proximity of Middle Tennessee State University (MTSU). This purchase aligns with the company’s goal to expand its national footprint and is now the company’s third acquisition within the last 100 days. This transaction increases CREI’s portfolio size to 25 communities located in 21 markets across 13 states.
Originally built in 2001, this purpose-built student housing community is comprised of 180 units,
totaling 648 bedrooms. Student Quarters – Rutherford is located just over a mile southeast of the MTSU campus. As with many CREI projects, a full renovation and repositioning strategy will be implemented, including an immediate rebrand to Landmark Apartments. A revised unit mix will better align the community with the specific housing demands of the greater Murfreesboro market. Operational enhancements to security and management services will complete the full project scope.
“Even during these unprecedented economic times, CREI continues an aggressive growth trend with the purchase of Student Quarters – Rutherford. This community was attractive to CREI based on the merits of MTSU and the Murfreesboro market, as well as its proximity to the greater Nashville MSA. Being internally capitalized and vertically integrated, we have the financial strength and flexibility to explore a wide range of asset types and markets. We’ve proven this over the last 100 days as we have now acquired three communities, in three different markets totaling 1,795 beds – with more in the pipeline!” – Christopher Mouron, Principal.
Learn more about Landmark Apartments by visiting www.LandmarkMurfreesboro.com.
