Deals Day: Dallas investors make big trades
Dallas Business Journal | Candace Carlisle | February 24, 2017
With a hot Dallas-Fort Worth real estate market under its belt, Stoneleigh Cos. LLC — the development firm behind the newly completed One Uptown in Dallas— has sold two of its apartment communities in Keller.
The two communities, Dominion Town Center and Lakes of Stone Glen, were acquired four years ago in February 2013, with the principals of Stoneleigh Cos. being the original developers of the apartment communities.
Both communities sold on Feb. 17. The 276-unit Dominion Town Center was sold with 96 percent occupancy rate, while the Lakes of Stone Glen, a 216-unit community, sold at a 99 percent occupancy rate.
CBRE represented Stoneleigh in the deal.
With all-time high occupancy rates and rental rates in North Texas, Stoneleigh, in partnership with Realty Capital Management, closed on a 4-acre tract at the northeast corner of Interstate 35 and Belt Line Road in Carrollton for a new apartment development.
The 234-unit apartment project, known as Switchyard Apartments, will feature luxury studio, one- and two-bedroom apartment homes ranging from 525 square feet to 1,262 square feet with granite countertops, hardwood floors and stainless steel appliances.
“Switchyard will be our latest new construction project in the Dallas area and will take advantage of the ongoing growth of the Carrollton market,” said Rick Cavenaugh, president of Stoneleigh Cos., last month.
“Our enthusiasm for the project is buoyed with the excellent location and the current health of this Dallas submarket,” he added.
Construction is slated to get underway by the end of this month. Upon completion of the Switchyard in 2018, Waterford Residential is expected to manage the property.
Stoneleigh Opens High-Rise Apartment Tower in Dallas
REBusinessOnline | Taylor Williams | February 24, 2017
Stoneleigh Cos. has opened One Uptown, a 20-story, 196-unit high-rise apartment building on McKinney Avenue in Uptown Dallas. With more than 18,835 square feet of retail space, the complex currently houses Brazilian steakhouse Fogo de Chao and will lease space to Circo, a five-star European restaurant, this summer. OneUptown’s amenities include a rooftop pool, private fitness studio, entertainment room, lounge, and a demonstration kitchen. Move-ins began on February 18.
One Uptown Opens its Doors on McKinney Avenue
D Magazine | Lily Corral | February 23, 2017
The doors have opened at Uptown’s newest high-rise apartment building, One Uptown, located on McKinney Avenue. The 20-story building features 196 residences ranging from studio apartments to penthouses and includes 18,835 square feet of retail and restaurant space.
“We are delighted with how successful leasing of One Uptown has been so far,” said Rick Cavanaugh, CEO of Stoneleigh Cos., One Uptown’s developer. “More than 20 percent of residents will move in this March, and we are thrilled to offer them a lavish living experience in the community of Uptown Dallas.”
Fogo de Chão opened at One Uptown on February 13. A second restaurant offering, Circo, will join the building this summer as the restaurant’s first U.S. location.
One Uptown’s walkability score stands out as the city’s highest, coming in at a 96, with Klyde Warren Park and Katy Trail available nearby. The apartment complex will also feature Uptown’s only rooftop pool, with a 9,000-square-foot sky deck and lounge.
Want to Win a Grammy One Day? These Apartments Come with Music Studios
Mansion Global | Beckie Strum | February 12, 2017
It took Grammy-nominated band The Chainsmokers 30 minutes in a recording session to come up with the beat to double-platinum hit “Closer.”
An expert jury will decide just how brilliant the electronic-dance music duo’s quick work is on Sunday night at the 59th Annual Grammy Awards, where The Chainsmokers are up for their first Grammy, for best new artist. Another upstart vying for the new artist title, Kanye-christened Chance the Rapper, completed most of his 14-track release “Coloring Book” in two months.
If these guys can strike pop-music gold in less time than it takes most people to do their taxes, then imagine the benefit, if you’re so inclined, of having a recording studio at your disposal 24 hours a day.
Luxury building developers, in the race to stand out from competitors, are hoping to capture a musical market by providing in-house music rooms and recording studios to accommodate artists hit by a spontaneous muse.
In honor of the Grammy Awards, being held at the Staples Center in Los Angeles, here are a handful of residential developments equipped with musical amenities just one elevator trip away, and accessible day and night.
One Arlington, Chicago
Number of units: 214 upscale rentals
Developer: Stoneleigh Companies
Building Type: Rentals
Completion Date: 2015
As a rental development in Chicago’s northwest, these units are probably the most affordable on this list, running $4,000 per month for a two bedroom. The 13-story development is part of a larger Arlington Downs Development, slated to finish this year, which will include restaurants, retail and co-working spaces. The former Sheraton and Hilton hotels site still hosts five-star services, including a modest in-house recording studio. The music room is part of what developer Rick Cavanaugh referred to as the basement “man cave,” which also includes a poker table, billiards, a shuffleboard and golf simulator.
Uptown’s newest high-rise is almost ready for first residents
Dallas News | Steve Brown | January 8, 2017
A curvaceous new Uptown apartment high-rise is almost ready for its first tenants.
The 20-story One Uptown tower has been under construction on McKinney Avenue for more than two years.
The $85 million project includes 198 luxury rental units and 18,000 square feet of restaurant and retail.
“Our first residents move in on the 18th,” said Rick Cavenaugh, CEO of developer Stoneleigh Cos. “We’ve leased five more units this week.”
More than 20 percent of the high-rise is already rented.
Stoneleigh Cos. and USA Infrastructure Investments are the developers. The tower designed by Dallas architect Phil Shepard.
The smallest studio apartment with about 540 square feet goes for around $1,650 a month.
A 1,980 square-foot penthouse will run you just under $10,000.
“A lot is going to happen in the next two or three weeks,” Cavenaugh said. “We are moving people in first on floors four to eight.”
The top floor of the tower has a swimming pool and tenants lounge with sweeping views of Uptown and the Dallas skyline.
On the second floor there’s another swimming pool with a clear glass bottom over the drive-up entry on Routh Street.
Also on the second floor there’s a fitness center, guest rooms victors and a dog park.
Six levels of underground parking serve the apartments and retail.
“Fogo De Chão Brazilian Steakhouse opens on the 13th,” Cavenaugh said. “They are in there cooking and training.”
Circo restaurant will open on the McKinney corner of the building this spring.
Stoneleigh Cos. is rushing to finish the public areas in the building.
Two large sculptures by artists Brad Oldham and Shane Pennington will be installed at the entry.
“April 20th we are doing an unveiling of the sculpture,” Cavenaugh said.
As Stoneleigh finishes up the Uptown tower, it’s moving ahead with a new apartment community near Main Street in Frisco.
And the developer is about a week away from starting a transit oriented apartment project in downtown Carrollton.