CHAPEL HILL, NC-Birmingham, Alabama-based Capstone Real Estate Investments has acquired Northampton Plaza, a 155-unit apartment complex at 600 Martin Luther King Jr. Blvd., from The Birgel Family Partnership. The company transacted a 50-year land lease deal with the Birgel family for the Chapel Hill property.
Capstone has plans to rename the complex as University Apartments, improve the property and add new amenities. The company secured a $5.6-million loan for the acquisition and repositioning of the property. Capstone Apartment Partners handled the sale. For the full story, go to Triangle Business Journal .
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