Capstone Real Estate Investments, LLC (“CREI”) has closed on the sale of The Preserve Lexington in Lexington, KY. The transaction was finalized on August 17, 2021 and marks the second real estate sale by CREI in 2021.
Originally acquired by CREI in June of 2020, the community has since undergone an extensive transformation to become one of the premier housing options in Lexington. Under CREI management, a full-scale renovation plan was put in place with improvements being made to grounds, amenity spaces, units, and the community’s clubhouse. During the 14-month ownership period, the project was successfully repositioned from a distressed student housing community into a Class A asset supporting the housing needs of the greater Lexington market.
“CREI remains adaptable within the current real estate environment; both with acquisitions and dispositions. While a short hold period is a bit unique for us, we believed it was a good opportunity to harvest the value created and shift our internal resources towards future projects.” – Christopher Mouron, Executive Vice President – Acquisitions & Development / Principal.
Although CREI’s business plan remains focused on growing its well-located student housing portfolio, its proven ability to select, renovate and manage quality housing continues to attract interest from a wide range of buyers. With the sale of this asset CREI plans to invest in additional repositioning opportunities, located within proximity to major universities.
