Capstone Real Estate Investments (CREI) has acquired Parker 301, a student housing community located near the University of Alabama in Tuscaloosa. The community has been rebranded The Preserve at Tuscaloosa and is set to undergo substantial renovations and repositioning within the market. Renovations will include updates to all units and the addition of one- and two-bedroom floor plans; updates to the community’s clubhouse; an expansion of the property’s business center to include private study rooms; the addition of a new dog park; and a refresh of the swimming pool area. A timeline for renovations and terms of the acquisition were undisclosed.
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