Capstone Real Estate Investments, LLC (“CREI”) has closed on the acquisition of Boardwalk at Dewberry Landing in Hattiesburg, MS and Boardwalk at Brittain Landing in Tuscaloosa, AL. The addition of these two communities increases the CREI portfolio to 23 properties. These newly acquired apartments are located within close proximity to The University of Alabama and The University of Southern Mississippi.
In the coming weeks, both communities will be rebranded in concert with the beginning of a renovation program that includes extensive unit upgrades and common area improvements. As part of the renovation, scheduled for completion by the end of 2019, CREI will convert the current 4-bedroom floor plan into a competitive mix of 1, 2 and 3-bedroom units.
“Each property presents an opportunity for CREI to create value through an extensive renovation and repositioning program. The properties were originally developed as student housing in 2009. In recent years, they have struggled to compete against new, well-located student housing properties in their respective markets. As an opportunistic buyer, CREI believes that each community can be transformed from a struggling student-focused property into a thriving apartment community,” said Anderson Neighbors, Chief Operating Officer.
These two communities are CREI’s first property acquisitions of 2018 and each aligns with the company’s aggressive approach to portfolio growth and asset repositioning opportunities.