Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Uncommon Oxford, an off-campus student housing community located less than a quarter mile from the famous Oxford Square (“The Square”), and University of Mississippi campus. Capstone has deep experience in the Oxford market, including its current ownership of Flatts at South Campus, a 432-bed purpose-built student housing community which Capstone has owned and operated since 2017. Capstone has also acquired, renovated, and repositioned Old Taylor Place, a 112-unit apartment community which Capstone converted to a condominium form of ownership. Capstone’s depth of knowledge and operational expertise in Oxford uniquely positions the firm to evaluate and determine the “highest and best” use for prospective developments in the market. Based on Oxford’s current market dynamics, university growth trends, and the unique characteristics of the property, Capstone determined that the optimal strategy for Uncommon Oxford (rebranded as “514 Jackson”) is to reposition the asset as a condominium property and sell its 68 units to individual end-users.
Built in 2017, this student community encompasses 68 furnished units/224 bed spaces and over 8,000 square feet of grade-level retail space in one, five-story building. The property’s unit mix is currently comprised of four two-bedroom, one-bathroom units, 12 two-bedroom, two-bathroom units, four three-bedroom, two-bathroom units, 12 three-bedroom, three-bathroom units, 14 four-bedroom, two-bathroom units, and 22 four-bedroom, four-bathroom units. Over the course of the year, Capstone intends to convert all the four-bedroom units into 3-bedroom apartments, and renovate all remaining units to deliver the most desirable and scarce floorplans for condominium ownership within a short walking distance to The Square and The Grove. Additionally, Capstone will renovate all common areas while also adding a new owner’s lounge and individual storage units. Units will be available for purchase through a local partnership with Cannon, Cleary, McGraw Real Estate (https://www.ccmoxford.com/).
“The entire CREI team is excited to expand our presence in Oxford, Mississippi, home to Ole Miss. Being an internally capitalized and a vertically integrated organization, CREI can acquire, renovate, and reposition communities in a variety of capacities. The 514 Jackson condominium conversion clearly represents this competitive advantage and early indications show that there is a high level of interest from a variety of prospective buyers.” -Christopher Mouron, Executive Vice President – Acquisitions & Development/Principal.
