Capstone Real Estate Investments, LLC (“CREI”) has closed on the sale of Landmark Apartments in Tuscaloosa, AL. The transaction was finalized on August 27th, 2019 and marks the first real estate sale by CREI in 2019.
Originally acquired by CREI in January 2018, the community has since undergone an extensive transformation to become one of the premier housing options in Tuscaloosa, AL. Under CREI management, a full-scale renovation plan was put in place with improvements being made to all amenity spaces, units and the community’s clubhouse. During the 19-month ownership period, the project was successfully repositioned from a distressed student housing community into a Class A asset that closely aligns with the needs of the market.
Although CREI’s business plan remains focused on growing its well-located student housing portfolio, its proven ability to select, renovate and manage quality housing continues to attract interest from a wide range of buyers. With the sale of this asset CREI plans to invest in additional repositioning opportunities, located within proximity to major universities.