Birmingham, AL – Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Parker 301, located near The University of Alabama in Tuscaloosa, AL. This purchase supports the company’s goal to maintain a consistent value-add growth strategy within the student housing space. This is the company’s second acquisition in the Tuscaloosa market and the transaction increases CREI’s portfolio size to 22 communities in 18 markets.
Upon purchase, the community has been rebranded as The Preserve at Tuscaloosa in concert with the beginning of a substantial renovation and repositioning program that will better align the asset with the needs of the local student market.
As part of the planned renovation, new 1 and 2 bedroom floor plans will be introduced to the property offerings and all of the remaining units will be renovated. A clubhouse refresh will provide current and future residents with a functional community space and the amenity offerings will be expanded to include a larger business center with private study rooms, a new dog park and a refurbished pool area. Additionally, CREI will undertake operational enhancements to security, online resident services and on-site management.