Birmingham, AL - Capstone Real Estate Investments, LLC (“CREI”) is pleased to announce that it has closed on the sale of Eagles South Apartments in Auburn, AL. The purchasing party is Aspen Heights headquartered in Austin, TX.
CREI purchased Eagles South, formerly known as Legacy Apartments, in 2012. At the time of acquisition, the 574 bedroom community offered 4 bedroom / 2 bathroom and 2 bedroom / 1 bathroom floor plans with an average occupancy of 58%. Originally constructed in 1990, the property struggled to compete as new housing supply was built near Auburn University. Shortly after purchase, CREI began an 11 month property-wide renovation process to introduce 1 bedroom / 1 bathroom and 2 bedroom / 2 bathroom floor plans to the community’s offerings. The community renovations went well beyond reconfiguration and cosmetic improvement to the units - CREI also focused its attention on amenity refurbishment and major capital projects, such as new HVAC systems, roofing, exterior paint and landscaping. The addition of a pet park, clubhouse updates and improvements to the pool area all increased the value and overall satisfaction for residents.
Post-renovation, Eagles South offered current and prospective residents a revised mix of renovated floor plans, which have consistently reached occupancy goals for each lease term of ownership under CREI.
This sale marks the second successful renovation, reposition and sale of an asset in Auburn, AL by CREI. Although CREI’s business plan remains focused on growing its well-located student housing portfolio, it’s proven ability to select, renovate and manage quality student housing continues to attract interest from national student housing buyers. With the sale of this asset CREI plans to invest in additional repositioning opportunities located within proximity to major universities.