Capstone Quarters Buyers Will Be Paid Rent in Advance for 2008-2009 School Year

2008-07-24 23:39:32 -

- When investors bid for 29 student condominiums in Urbana on July 31, they'll do so with the certainty that their investment for the 2008-2009 school year will pay off.

That's because the developer of the Capstone Quarters condominiums has announced that each buyer will receive the first school year's rent at the closing.

"We're so confident that these condominiums are a great investment that we're willing to take all responsibility for leasing them during the first year," said Rob Howland, chief operating officer for Capstone, which develops student housing throughout the United States.

Because most of the three- and four-bedroom units already have tenants for at least some beds, most bidders are likely to be investors purchasing the units for income, according to Warren Ward, president of Albert Burney Auction Company, which is managing the auction.

"Quite simply, the buyers don't have to be concerned with renting them for the first year. At the closing, each buyer will be paid the rent for the entire school year for each bed," said Ward. "This is a very innovative step, and it shows that Capstone is highly motivated to sell all of the units."

The condominiums are located on Lincoln Avenue, near Interstate 74, 1.2 miles off the University of Illinois campus.

The units have such luxury touches as nine-foot and vaulted ceilings. Residents have use of all the amenities, including a resort-style pool, a fitness center, a movie theater, and a business center/computer lab.

Individuals interested in additional information about the condominiums may contact Albert Burney Auction Company at 800.434.1654 or visit the company's web site at www.albertburney.com.

Albert Burney Auction Company, headquartered in Gadsden, Ala., is a leading real estate auction firm specializing in developments, luxury homes, resorts and other high-value properties throughout the United States.

For Albert Burney Auction Company
Carl Carter, 205-823-3273