Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of HAVEN 12, a 536-bed student housing community located near Mississippi State University in Starkville, MS. This purchase aligns with the company’s goal to expand its national footprint within the student housing space.
In the coming weeks the community will be rebranded in concert with the beginning of an extensive renovation program. Upon completion in July 2023, new studio, 1-, and 2-bedroom floor plans will be introduced to the property offerings, and all the remaining units will be renovated. The newly created units will feature granite countertops, new cabinets, new appliances, and flooring. Additionally, we will upgrade internet service, refresh the unit furniture package, and introduce new electronic locks to all units. We will also upgrade the common areas of the property to include new common area furnishings, a refinished pool, new pool furniture, and the addition of a dog park.
“This acquisition is another opportunity for CREI to create value by improving the community’s unit mix as well as improving the asset’s existing units and amenity areas. The new property will appeal to a broad student demographic seeking privacy, functional amenities, and renovated units at an attractive price point. We are thrilled to add this asset to our portfolio,” said Anderson Neighbors, Chief Operating Officer.
This is CREI’s fourth acquisition in Mississippi; CREI also manages two communities in Hattiesburg, MS – Eagle Flatts and The Cottages of Hattiesburg, and The Flatts at South Campus in Oxford, MS. The addition of Haven 12 increases CREI’s owned and managed portfolio to 22 communities in 18 markets.
