Lofts at Red Mountain – REBusiness Online

Stoneleigh Cos., Realty Capital Management to Develop 85-Unit Apartment Complex in Glenwood Springs

REBusiness Online | Nellie Day | September 28, 2017

GLENWOOD SPRINGS, COLO. — A joint venture between Stoneleigh Cos. and Realty Capital Management has acquired 3.8 acres of land to build The Lofts at Red Mountain Apartments, an 85-unit apartment community with ground-floor retail in Glenwood Springs. The land is situated at south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.

The Lofts at Red Mountain has an on-site RFTA bus stop, situated next to the Glenwood Springs Community and Recreation Center. It is also adjacent to the Glenwood Springs trail system. The developers have already broken ground on Phase I, with completion scheduled for early 2019.

RVC Construction is building the project, which KCB Architecture designed. SunGate Capital Funding 7 LLC, Stoneleigh Cos. LLC and Realty Capital Partners provided equity financing.

Lofts at Red Mountain – Daily Herald

Barrington firm starts apartment project in Colorado

Daily Herald | September 27, 2017

Barrington-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, announced the acquisition 3.85 acres for the construction of The Lofts at Red Mountain Apartments located in Glenwood Springs, Colorado.

Phase I has broken ground and will consist of 85 apartments and 5,300 square feet of retail shop space on 2.01 acres south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.

“The beginning of construction marks a significant milestone for all of Glenwood Springs,” said Richard Myers, Managing Director for Realty Capital Management. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”

The Lofts at Red Mountain Apartments will feature 85 Class A luxury apartments consisting of studio, one, and two-bedroom units. Residences will range from 555 to 1,266 square feet offering high end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies with picturesque mountain and valley views. Community amenities include a resident clubroom with demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.

The property is located just west of downtown Glenwood Springs, on Wulfsohn Road in the Glenwood Meadows retail development, the area’s largest shopping center. The Lofts will bring an urban lifestyle to the Glenwood Springs community and will offer units and amenities above and beyond what is currently available in the area. In addition to its proximity to the Glenwood Meadows, the project has an on-site RFTA bus stop, is located next to the state-of-the-art Glenwood Springs Community and Recreation Center, and is adjacent to the Glenwood Springs trail system.

The project has been designed by Keith Bennett, founder of KCB Architecture in Salt Lake City, Utah. Local contractor Gould Construction will be performing the underground and utility work with RVC Construction out of Salt Lake City, UT working as the general contractor.

Lofts at Red Mountain – Post Independent

Lofts housing project finally breaks ground at Glenwood Meadows

Post Independent | John Stroud | September 26, 2017

Site and utility work has begun to make way for the first 85 housing units to be built at Glenwood Meadows since the Glenwood Green Apartments were completed four years ago.

Phase I of the larger, 185-unit Lofts at Red Mountain Apartments, as well as 5,300 square feet of street-front retail shop space, is now underway.

The project has been some five years in the planning and Glenwood Springs’ city approval process.

Recently, Chicago-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, formally acquired 3.85 acres on the south side of Wulfsohn Road for the project.

“The beginning of construction marks a significant milestone for all of Glenwood Springs,” Richard Myers, managing director for Realty Capital Management, said in a prepared statement. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”

Last May, Glenwood City Council denied a request by the developers for some $1 million in impact fee waivers for the free-market apartment project.

Council members were concerned rent wouldn’t remain affordable over time without deed restrictions to maintain below-market rates for at least some of the units.

Myers and his development team said the smaller unit sizes planned for the project would keep them affordable, and that deed restrictions would have made it difficult to obtain financing.

“The city did do some reductions for us, but not what we thought was enough,” Myers told the Post Independent Tuesday. “We were also able to reduce some of the costs to make it work.”

Based on the current market, the efficiency studio units will likely start at $1,100 per month, with higher rents for the one- and two-bedroom units. The apartments are to range in size from 555 to 1,266 square feet, according to a news release announcing the groundbreaking.

“We should be ready with the first units by next fall, but hopefully sooner than that,” Myers said. Pre-leasing is expected to begin in the spring of next year, he said.

Gould Construction is currently doing the site grading and underground utility work. The builder will be RVC Construction out of Salt Lake City.

The Lofts apartments are to feature high-end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies. A resident “club room” will have a demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.

Lofts at Red Mountain – Stoneleigh Companies, LLC

Stoneleigh Companies/Realty Capital Management Announce the Groundbreaking of The Lofts at Red Mountain Apartments

(September 26, 2017) –Chicago-based Stoneleigh Companies, in partnership with Dallas-based Realty Capital Management, announce the acquisition 3.85 acres of land for the construction of The Lofts at Red Mountain Apartments located in Glenwood Springs, Colorado. Phase I has broken ground and will consist of 85 apartments and 5,300 square feet of retail shop space on 2.01 acres south of Wulfsohn Road, adjacent to the Glenwood Meadows Market Street and Shopping Center.

“The beginning of construction marks a significant milestone for all of Glenwood Springs,” said Richard Myers, Managing Director for Realty Capital Management. “We have been working to bring new housing to the Roaring Fork Valley for quite some time and look forward to developing Class A apartments for area residents.”

The Lofts at Red Mountain Apartments will feature 85 Class A luxury apartments consisting of studio, one, and two-bedroom units. Residences will range from 555 to 1,266 square feet offering high end finishes including quartz countertops, luxury vinyl hardwood-style floors, stainless-steel appliances, in-unit washer and dryer, and balconies with picturesque mountain and valley views. Community amenities include a resident clubroom with demonstration kitchen, tech lounge, fitness center and yoga studio, outdoor entertainment space with a grilling and dining pavilion and fire pit, bicycle storage, and private garage parking with electric car charging stations.

The property is located just west of downtown Glenwood Springs, on Wulfsohn Road in the Glenwood Meadows retail development, the area’s largest shopping center. The Lofts will bring an urban lifestyle to the Glenwood Springs community and will offer units and amenities above and beyond what is currently available in the area. In addition to its proximity to the Glenwood Meadows, the project has an on-site RFTA bus stop, is located next to the state-of-the-art Glenwood Springs Community and Recreation Center, and is adjacent to the Glenwood Springs trail system.

The project has been designed by Keith Bennett, founder of KCB Architecture in Salt Lake City, UT. Local contractor Gould Construction will be performing the underground and utility work with RVC Construction out of Salt Lake City, UT working as the general contractor. Equity financing has been provided by Orlando-based SunGate Capital Funding 7, LLC, Stoneleigh Companies, LLC and Dallas-based Realty Capital Partners. The Lofts at Red Mountain is anticipated to open in early 2019.

About Stoneleigh Companies, LLC
Based in Chicago, Stoneleigh Companies is a private real estate investment company focused on acquisition and development of multifamily properties, with a track record of over 40,000 multi-family units in 35 cities and 18 states over the last 35 years. The principals and officers of Stoneleigh are experienced in all aspects of commercial real estate development, investment, finance, and operations. For more information, visit www.waterfordresidential.com.

About Realty Capital Management, LLC
Realty Capital was founded in 1987 and over the past 30 years has developed over 3,500 residential units and more than one million square feet of commercial buildings. In 2011, Realty Capital became an employee-owned firm with Richard Myers, Jimmy Archie and Tim Coltart serving as Managing Directors. Realty Capital is currently partnered with industry leaders including Hillwood Communities, Stratford Land, Granite Land and Avanti Properties in development of mixed-use projects across the Southwest. For more information, visit www.realtycapital.com or contact Richard Myers at 817-313-5000.

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Download the Stoneleigh Release PDF

25N Coworking – D Magazine

Illinois-based 25N Is Latest Player on DFW’s Coworking Scene

D Magazine | Kevin Cushingberry | September 22, 2017

There’s another new player in the North Dallas coworking market. Illinois-based 25N Coworking has decided on Frisco as its first expansion outside the Chicago area.

Founder and CEO Mara Hauser says 25N tapped Frisco as the home for its third location after auditioning dozens of cities around the country. “To be able to have a workspace close to [residents] was something I was very excited about bringing to the community,” she says.

According to Hauser, 25N hopes to draw membership primarily from Frisco residents when it opens next April. “We’re not a very large corporation,” Hauser says. “We’re personal. We’re there to build a network of support.”

25N differentiates itself by locating in suburban markets (its first two locations are outside Chicago) where coworking demand has been largely untapped. Work spaces are well suited for suburban residents who may otherwise work from a home office, according to 25N.

Adding to its community focus, 25N will open 12,500 square feet on the ground floor of Waterford Market apartments, developed by Stoneleigh Cos. Waterford Market is located near Frisco and Main streets in Frisco’s $5 Billion Mile.

25N’s new space will offer fully-furnished private offices, team suites, dedicated desks, shared flex space, meeting rooms, event space, and virtual office packages. Select residential amenities and additional spaces will be accessible to members through an add-on Premier Membership option. Memberships start at $25 per month, day passes start at $35, and dedicated desks start at $365 per month.

“Frisco’s rapid development has resulted in an infrastructure that doesn’t necessarily provide the consistent technological amenities that its workforce requires,” Hauser says. “So we intend to resolve the unmet needs of Frisco’s independent worker population.”

25N will join LaunchPad City and Yeager Office Suites in Frisco and WeWork (which just announced its Fort Worth expansion) and Common Desk in nearby Plano. Hauser sees potential for 25N to expand elsewhere in Texas, specifically in North Texas.

Stoneleigh Companies – REBusinessOnline

Combination of Multifamily, Office Space is Hot Concept in Texas, Say InterFace Panelists

REBusinessOnline | Taylor Williams | September 15, 2017

DALLAS — Say the words “mixed-use” in commercial real estate circles today and generally the first thought that comes to mind is a property featuring a combination of multifamily and retail space.

But there’s no written rule that says what property classes can or can’t be included in mixed-use. As such, a number of multifamily developers in Texas are redefining the term’s scope and application by bringing together apartment living and an office component in newer projects.

As part of the InterFace Multifamily Texas conference, a panel of real estate experts convened Sept. 13 at the Westin Galleria in Dallas to address this topic and other emerging trends in the apartment sector, most of which center on ways of improving amenity packages for tenants. Approximately 200 real estate professionals attended the event.

The move toward developing apartment communities with office space — not business centers — stems from landlords’ need to differentiate their amenity packages from the competition. These new office elements within multifamily properties are taking a variety of forms in their infancy, ranging from large co-working spaces and conference rooms to individualized desks and cubicles.

“Having amenities like a knockout pool and an awesome fitness center doesn’t really set you apart anymore,” said panelist Greg Coutant, director of development at StreetLights Residential. We’re working to provide what we call ‘makers’ spaces,’ which are open spaces with desks where tenants can work. We’ve found that if you provide a cool working atmosphere with connectivity, people will work there.”

Coutant noted that residents are drawn to the live/work/play environment that these office spaces provide, all under the same roof. His firm, which undertakes projects in metros with thriving office sectors, including Dallas and Austin, is even considering putting bars in some of these spaces to further heighten their appeal.

Panelist Rick Cavenaugh, president of Illinois-based multifamily developer Stoneleigh Cos. said that his firm has also seen tremendous success from the inclusion of office components at its properties, specifically co-working areas that allow employees from different companies to occupy the same workspace and develop synergies with one another.

“Integrating co-working facilities into the living environment and making it part of the offering to tenants is different from what we’ve seen with the likes of WeWork,” said Cavenaugh. “We did this with a property in Chicago and it was a total hit. We have since leased 140 workspaces in five months, and it’s brought a ton of vibrancy, traffic and new tenancy to the building.”

Cavenaugh stated that his firm sees the trend as particularly appealing to consumers in submarkets with steep office rents, such as Frisco and Plano.

“In those submarkets, there’s just not that option for people to have an office for a few hours a day, three days a week, and then to be able to walk down the hall to their apartment,” he said. “It’s a different working environment, but one that definitely promotes flexibility. We’ve seen that Millennials like that flexibility.”

Panel moderator Drew Kile, director of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, noted that the trend also seems to have legs in Austin, where office rents have been rising for the past five-plus years.

“There’s a growing percentage of people in urban Austin who work from home,” said Kile. “The more workspaces you put into a building, the more they get used. Not so much a business center, but a place where they can bring their own laptops and have their own meetings.”

Tom Lamberth, regional partner of Dallas-based CF Real Estate Services and another conference panelist, sees as much monetary potential in these features as the other panelists see in their ability to generate positive word-of-mouth for the property.

“We’re working on making the office component more than just an amenity, but something you can monetize,” said Lamberth. “We have a property in Atlanta where inside the amenities center we built about 12 office cubicles that people can rent for a few hundred dollars a month. And we’ve had demand for these spaces from people who don’t even live in the building.”

While StreetLights, Stoneleigh and CF Real Estate have yet to iron out all the kinks of developing and leasing these office spaces in their multifamily projects, they have little doubt as to their ability to heighten the appeal of the property and cater to the preferences of tenants.