Capstone is pleased to present Capital Studios, a 155-unit hotel conversion opportunity located in Raleigh, NC. Currently operating as a Clarion Pointe hotel, Capital Studios presents an exceptionally rare opportunity to transform into a thriving rental apartment community with approved zoning in-place. The lower construction and redevelopment costs allow investors to redesign the property without incurring the expenses that exist with ground-up construction. Ideally located within a Qualified Opportunity Zone (QOZ) of Raleigh, investors are presented with additional incentives towards reinvesting capital gains and tax strategies. Furthermore, the property is situated within an exceptional submarket, with historical annual population growth rates exceeding 1.0%+ within 1-, 3-, and 5-mile radius areas, with a projected annual growth rate of 1.4%+ in the forthcoming years. Capital Studios offers investors a favorable opportunity to redevelop into market-rate apartment units. The project benefits from approved zoning and is supported by robust market fundamentals.

Investment Highlights:

Rare Conversion Opportunity with Multifamily Zoning in Place

Ideally Located Within a Qualified Opportunity Zone (QOZ)

Superior Submarket Fundamentals