BARRINGTON, IL – February 14, 2013 – Stoneleigh Companies, LLC announces the acquisition of a portfolio of 1,032 units in four apartment properties including Dominion Town Center and Lakes of Stone Glen in Keller, Texas, and Stonecastle and Middlebrook Farms in Orlando, FL. A vacant land parcel in Keller, Texas was also acquired and is planned for the construction of 180 units in fall 2013.
Rick Cavenaugh, President of Stoneleigh, stated “It is not often in your career to be able to build something great then own it twelve years later. This portfolio of four class A apartment complexes continues our growth of institutional multifamily properties into the new year. Having originally built these four communities gives us a unique perspective on their capabilities 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.”
James O’Kane, Chief Investment Officer, said “Two of the top markets are Dallas and Orlando and acquiring assets there is indicative of our strategy to build value through long term debt and excellent capital sources. Stoneleigh is proud to have co-invested with RGA Real Estate Investments in this portfolio. With 3,600+ units under management, we have reached a new milestone which allows the company to build our team with known assets and great employees.”
Stoneleigh Companies is a private real estate investment and development company with a track record of over 37,000 units since 1984. In addition to its recent acquisitions, Stoneleigh is building M2 in Denver, Arlington Downs in Chicago and Waterford Springs in Houston.