Capstone Real Estate Investments, LLC ("CREI") has closed on the acquisition of The Arch Apartments, located near the University of Louisville in Louisville, KY. This purchase aligns with the company's goal to expand its national footprint within the student housing space. This is the company's first project located in Kentucky and the transaction increases CREI's portfolio size to 22 communities in 18 markets.
Upon purchase, the community has been rebranded as Trifecta Apartments in concert with the beginning of a substantial renovation and repositioning program that will better align the asset with Louisville's student market.
As part of the planned multi-million dollar renovation, new one bedroom units will be introduced to the property unit mix and a portion of the existing 2 and 3 bedroom floor plans will be renovated. A clubhouse re-design will provide residents with more functional community spaces and additional amenities, including a Yoga Studio and Business Center. Operational enhancements to security, building accessibility and management services complete the full project scope.
"The addition of Trifecta Apartments to the CREI portfolio represents our fifth acquisition totaling nearly 3,000 beds over the past 18 months. Being internally capitalized and a vertically integrated organization allows us to take a more unique look at distressed opportunities and/or markets; as was the case with The Arch. The entire CREI team is excited to begin Trifecta's transformation and we are optimistic it will be very well received." - Christopher Mouron, Executive Vice President - Acquisitions & Development / Principal.