Stoneleigh Companies Announces the Closing of Waterford Lakes and Waterford at North Park Apartments – Midland, TX

BARRINGTON, IL – December 21, 2012 – Stoneleigh Companies, LLC announces the acquisition of two existing apartment properties in Midland, Texas: the 278 unit apartment project called Waterford Lakes Apartments; and the 200 unit apartment project called Waterford at North Park. The properties are the 11th and 12th multi-family projects acquired/developed by Stoneleigh in the past three years and follows the Waterford Ranch acquisition in 2011 in Midland.

Rick Cavenaugh, President of Stoneleigh, stated “Waterford Lakes and Waterford at North Park Apartments (formerly The Lakes and Windscape) affirm our commitment to Midland, Texas. The properties were rebranded at closing and will be managed by Waterford Residential, our affiliated property management division. Acquisition financing was provided by Key Bank National Association thru two bridge loans. We intend to close on a Key Bank – Freddie Mac CME loan in January 2013 and will bring our FMAC financed portfolio to nine projects.”

James O’Kane, Chief Investment Officer, said “We acquired the Waterford Ranch property last November and have seen excellent growth in the multi-family market in Midland over the past twelve months. There is a tremendous need for upgraded rental units and quality management there as the job growth has exceeded our expectations. These two great locations will benefit from our long term approach to maintaining our assets and improving the quality of the product that we offer our residents. We are very excited about the market and the opportunity to upgrade the housing stock.”

Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 36,000 units since 1984. In addition to its recent acquisitions Stoneleigh has a project under construction in Denver and two more to break ground in 2013 in Houston and Chicago. With an additional 1,000 units of acquisitions under contract in its current markets, Stoneleigh’s portfolio will grow to over 4,000 units in January.

Download Waterford Lakes and Waterford at North Park Apartments Press Release PDF

Stoneleigh Companies Announces the Closing of Waterford on Tatum Apartments – Phoenix, AZ

BARRINGTON, IL – December 17, 2012 – Stoneleigh Companies, LLC announces the acquisition of the 128 unit apartment project called Waterford on Tatum Apartments in Phoenix, Arizona. The property is the tenth multi-family project acquired/developed by Stoneleigh in the past three years and adds a new major market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, stated “Waterford on Tatum Apartments is our tenth apartment project we’ve acquired since 2010 and our portfolio owned or under construction at 3,054 units. The property was rebranded at closing and will be managed by Waterford Residential, our affiliated property management division. Acquisition financing was provided by Keystone Commercial Capital and Walker and Dunlop thru their Freddie Mac CME program and is our seventh project financed by Freddie Mac.”

James O’Kane, Chief Investment Officer, said “We were fortunate to acquire this in-fill location with tremendous retail and lifestyle amenities near the property. The two story property, formerly known as Tatum Gardens, has an excellent unit mix and some of the residents have lived there since before we previously bought it in 1993 at Ambassador Apartments. It is a great indicator of the quality of the property and the neighborhood to purchase a project that we owned almost twenty years ago.”

Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 36,000 units since 1984. In addition to its recent acquisitions Stoneleigh has a project under construction in Denver and two more to break ground in 2013 in Houston and Chicago. An additional 1,500 units of acquisitions are under contract in its current markets.

Download Tatum Apartments Press Release PDF