CREI CLOSES ON SALE OF UNIVERSITY APARTMENTS


Birmingham, AL - Capstone Real Estate Investments, LLC (“CREI”) has closed on the sale of University Apartments in Durham, NC to an affiliate of Magma Equities. Management services will be assumed by Elmington based in Nashville, TN. The transaction closed on July 14th, 2021 and this sale marks the second successful real estate transaction by CREI this year.

University Apartments, located within walking distance to Duke University, was originally acquired by Capstone in 2009. The 461-bedroom community offers nineteen unique one and two bedroom floor plans, ranging in size from 400 to 1200 square feet.

CREI is actively searching for acquisition opportunities. Interested in selling an asset near a major college or university?  Contact John Baumhauer, VP of Acquisitions at CREI – jbaumhauer@creimail.com or 205.949.3849.

About CREI: CREI is a Birmingham, Alabama based company that creates value by strategically acquiring, efficiently renovating, creatively repositioning, and aggressively managing properties that are in close proximity to major universities and that present opportunities for operational, physical and/or functionalimprovement. CREI currently owns and manages a portfolio of 23 properties with a combined bed count of 9,965.