Capstone’s Redevelopment and Property Investments in Texas
Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Avery Corpus Christi, an off-campus cottage style community located within close proximity of Texas A&M University-Corpus Christi. This purchase aligns with the company’s goal to expand its national footprint and is now the company’s second active project located within Texas. This transaction increases CREI’s portfolio size to 24 communities located in 19 markets.
The cottage-style student housing community is comprised of 102 units (336 bedrooms) located across 74 cottages. It includes a fitness center, pool, and dog park. 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, with the remaining units receiving fully updated interiors. The revised unit mix will better align with the specific housing demands of this growing market. Enhancements in the exterior and common areas, including new exterior paint, landscaping, fencing, accessibility, amenity updates and management services complete the full project scope.
“The entire CREI team is excited to expand our presence within the state of Texas. Being an internally capitalized and a vertically integrated organization, CREI has the capabilities to acquire, even during these challenging economic times. The Avery Corpus Christi acquisition presents CREI with yet another unique value-add opportunity and we have no doubt that the transformation will be well received by the market.” – Stephen Denton, Vice President – Acquisitions.
