Tallahassee, Fla. — Capstone Real Estate Investments LLC has acquired two student housing communities located near the Florida State University campus in Tallahassee.
Acquired assets include High Point Apartments and Colony Club. The High Point Apartments complex is located on Chapel Drive adjacent to Legacy Suites, and consists of 151, one-bedroom units. Capstone will begin renovations on the property this fall, with completion expected for summer 2017. Interior improvements including paint, flooring and fixtures, as well as the addition of in-unit washers and dryers and an updated pool deck will be included in the renovation. Capstone intends to demolish the existing structures at Colony Club in order to place the land up for sale for redevelopment.