Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of University Village, located near Salisbury University in Salisbury, MD. 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 Maryland and increases the number of states CREI operates in to ten.
In the coming weeks, the community will be rebranded in concert with the beginning of a substantial renovation and repositioning program that will better align the asset with the student housing market in Salisbury. As part of the renovation scope, new units will receive upgraded appliances, countertops, kitchen cabinets, flooring, fixtures, paint, and furniture, and previously renovated units will be enhanced with new countertops, flooring, paint, doors and hardware, and furniture. Extensive improvements to the common areas of the property are also planned and will include a re-design of the clubhouse to provide a more functional layout, new furniture and furnishings, pool area improvements, and additional fitness equipment.