Hattiesburg, Miss. and Tuscaloosa, Ala. — Capstone Real Estate Investments (CREI) has acquired two student housing communities located in Tuscaloosa, Alabama, and Hattiesburg, Mississippi.
Acquisitions include Boardwalk at Dewberry Landing located near the University of Southern Mississippi; and Boardwalk at Brittain Landing located near the University of Alabama. Both communities are set to undergo rebranding, and will begin renovations including extensive unit upgrades; the conversion of four-bedroom units to one-, two- and three-bedroom units; and common area improvements. Renovations will be complete by the end of 2019. The seller and terms of the transaction were undisclosed.