Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of 22 Exchange, an off-campus community located within close proximity of The University of Akron. This purchase aligns with the company’s goal to expand its national footprint in 2020 and is now the company’s second acquisition within the last two months. This transaction increases CREI’s portfolio size to 24 communities located in 20 markets.
Originally built in 2009, this mixed-use student housing community is comprised of 142 units, totaling 471 bedrooms. 22 Exchange is located along the Main Street corridor in downtown Akron and features 22,104 square feet of retail. As with many CREI projects, a renovation and repositioning strategy will be implemented and will include the development of new floor plan options. The revised unit mix will better align the community with the specific housing demands of the greater Akron market. Operational enhancements to security, building accessibility and management services will complete the full project scope.
“22 Exchange is CREI’s second acquisition within the last 60 days. Being internally capitalized and vertically integrated, CREI has the resources and capabilities to continue to acquire assets – even during these challenging economic times. The City of Akron is investing heavily in Main Street and we envision this mixed-use community playing a long-term role in the revitalization of downtown.” – Christopher Mouron, Principal.
Learn more about 22 Exchange by visiting www.22ExchangeApts.com.
