CREI Completes Acquisition of the 144-bed Student Housing Community in Lafayette, LA

Capstone Real Estate Investments, LLC (“CREI”) has acquired Axis Lafayette, a student housing community located in Lafayette, LA.  Built in 2000, the garden-style student housing community consists of 144 total units, with 24 being two-bedroom, two-bathroom floor plans and the remaining 120, four-bedroom, two-bathroom units.  The Property is situated on an 11.1-acre site and includes seven residential buildings, a leasing office and an amenity building featuring a large, resort-style pool and pool deck, outdoor fireplace and grilling areas, sand volleyball court, basketball court, game room, business center, Amazon package lockers and theater room.

Over the next year, CREI plans to convert roughly 90 of the four-bedroom, two-bathroom apartments to create “deluxe” three-bedroom, two-bathroom units. The newly created deluxe 3×2 units will feature a large primary suite with a walk-in closet and a spacious bathroom with dual vanities. Finish upgrades will include new stainless-steel appliances, cabinets, granite countertops, flooring, light fixtures, and premium fixtures which will represent a superior product in the competitive market. The remaining 30, four-bedroom, two-bathroom apartments will be converted into “standard” three-bedroom, two-bathroom units.  The freshly renovated “standard” floor plans will also include a large primary suite with a walk-in closet and spacious bathroom with dual vanities, as well as fresh paint, blinds, laminate countertops, and new door hardware.  The two-bedroom, two-bathroom floor plans will remain as-is and receive only light cosmetic upgrades.  The clubhouse will receive small upgrades to the fitness center and leasing office.  Renovations will begin in September 2023 and have a target completion date of August 2024.