As we conclude 2024, we take pride in reflecting on our 13th year of operations at CREI.
Despite challenges, our acquisitions team actively pursued opportunities throughout 2024, submitting over a dozen written offers and setting the stage for promising new ventures in early 2025. Notably, we finalized the sale of two properties: Trifecta Apartments in Louisville, KY, and Flatts at South Campus in Oxford, OH.
Our construction division, CollegeTown Construction, Inc., completed two major renovation projects this year: Theater Street Apartments in Lafayette, LA, and Seaglass Apartments & Townhomes in Corpus Christi, TX. Additionally, the team oversaw significant CAPEX projects across several existing properties.
The property management division celebrated a successful lease-up for the 2024–2025 academic year, achieving 98.3% occupancy in October and setting a new resident retention record at 47.3%.
By the end of 2024, CREI employed 249 team members, comprising 158 full-time and 91 part-time associates. We remain committed to fostering growth within our team, promoting 29 on-site members this year, including four who transitioned to new locations. At our Annual Summit, we recognized Nick Andrews from Eagles West in Auburn, AL, as Community Manager of the Year, while Kevin Archibald from The Preserve Tuscaloosa in Tuscaloosa, AL, was named Maintenance Supervisor of the Year.
CREI’s mission—to own and operate real estate with a focus on long-term value—has guided us successfully through 2024. While external market pressures persist, we approach 2025 with optimism and gratitude. We extend heartfelt thanks to our dedicated teams, whose hard work forms the foundation of CREI, and look forward to building a strong year ahead.
