As 2023 concluded, it’s time to reflect on our 12th year of operations at Capstone Real Estate Investments, LLC. We are proud to say that in 2023 we experienced record leasing activity across our 25 communities!
In April 2023, we restructured the operating entities associated with Capstone Real Estate Investment, LLC to operate as three distinct entities. Our property management activities were transitioned to CREI Management, LLC, our construction and in-house general contracting activities are performed by CollegeTown Construction, Inc. and our development and investment group will remain Capstone Real Estate Investments, LLC. While this restructuring has no bearing on our operations or strategic direction, it allows us to logically compartmentalize each business within our organization.
We began the year with a large amount of construction and development activity driven by 2022’s acquisitions. Our construction team, CollegeTown Construction Inc., successfully completed the renovations of five properties including Landmark Apartments in Murfreesboro, TN, The Flatts in Starkville, MS, 514 Jackson Condominiums in Oxford, MS, The Preserve at Murfreesboro in Murfreesboro, TN, and Ralston Apartments in Indianapolis, IN. Additionally, we started unit conversions on two acquisitions, Seaglass Apartments in Corpus Christi, TX and Theater Street Apartments & Condominiums in Lafayette, LA.
We acquired Axis Student Living in Lafayette, LA, which we have rebranded to Theater Street Apartments & Condominiums. This unique student housing opportunity encompassed 144 units at closing and will be repositioned to include a combination of one-, two-, and three-bedroom floorplans.
Our property management division, CREI Management, LLC, had another successful student lease-up for the 2023-24 academic year achieving 98.0% leased at the end of the leasing season and is currently almost 50% preleased for the 2024-25 academic year!
We are strong believers in promoting from within and encouraging our talent to grow. In 2023, we had 13 part-time Marketing Assistants transition to full-time positions and start their professional careers with CREI Management, LLC. An additional 12 associates were promoted to positions with increasing responsibilities within the management group, while one team member moved to the construction group to better align with their long-term goals. While we may not be the largest student housing or multifamily operator, we strive to be the best. And none of this could have been completed without our wonderful team members. We look forward to our continued growth and another strong year as we move into 2024.
