University of Alabama Buys Capstone Village

Regardless of what happens at the BCS match-up between Alabama and Texas, the alumni of the University of Alabama have something new to cheer about.  Last month the University of Alabama trustees approved buying Capstone Village, on the eastern edge of the campus, for $9.5 million — or about 20 cents on the dollar for the property valued at $40 million, according to a Tuscaloosa News report entitled “University buys Capstone Village for $9.5 million”.   Capstone Village was built in 2005 and sits on 24 acres of Alabama’s campus consisting of 137 units with another 22 patio homes.  According to the article, will pay $9.5 million to Capstone’s lenders but will not be responsible for about $51 million in mortgage bonds and a court order approving the sale is still needed.

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