One Arlington – Crain’s Chicago Business

Stoneleigh invests in venture turning Arlington Heights Sheraton into apartments

Crain’s Chicago Business | Alby Gallun | January, 03 2013

The developer that wants to convert a shuttered Sheraton hotel in Arlington Heights into 214 apartments is preparing to begin construction next month after bringing in a joint venture partner, Barrington-based Stoneleigh Cos.

The joint venture between Stoneleigh and a group led by former Prime Group Inc. executive David Trandel is in the final stages of securing a $30 million construction loan for the $46 million project, said Stoneleigh President Rick Cavenaugh. It is the first Chicago-area development for Stoneleigh, a firm Mr. Cavenaugh founded after leaving Fifield Cos. in 2008.

The Sheraton Chicago Northwest and adjoining Coco Key water park closed in 2009, in the depths of the hotel downturn, and Mr. Trandel’s group bought the property in June 2011, with plans to convert the hotel to apartments. Though a slew of suburban apartment developments are under way amid a strong rental market, the Arlington Heights project offers unique design and construction challenges.

“The key is going to be completely changing the whole look and feel of the place so it doesn’t look like a converted hotel,” said Ron DeVries, vice-president and Appraisal Research Counselors, a Chicago-based consulting firm.

But the development, called Arlington Downs, will have an edge over the competition because it will be the first new apartment building in Arlington Heights in a long time, offering the amenities that high-end renters want, he said. The 14-story building at 3400 W. Euclid Ave. will include a 10,000- to 13,000-square-foot health club, a 5,000- to 6,000-square-foot restaurant and a rooftop deck, Mr. Cavenaugh said.

“We’re larger, taller, newer and much higher-quality” than competing buildings, he said.

The property is zoned for 670 residential units, so the joint venture someday could build another 456 apartments on a site just to the east of the existing building, he said. Mr. Trandel’s group also plans to build a 160-room Four Points by Sheraton hotel next door and reopen the water park, he said.

Mr. Cavenaugh expects to close on the project’s construction loan on Feb. 1 and begin interior demolition immediately after that. He expects move-ins to begin in fourth-quarter 2013.

Chicago-based architecture firm Pappageorge Haymes Partners designed the apartment building, while New York-based Tishman Construction has been hired as the project’s general contractor.

Mr. Cavenaugh is a veteran of the apartment industry, working in the 1990s for Ambassador Apartments Inc. and Whiteco Residential LLC before joining Fifield in 2003 as chief operating officer. He picked up the president title a couple years later but left the Chicago-based firm in 2008.

Since founding Stoneleigh that year, Mr. Cavenaugh has amassed a portfolio of more than 3,000 apartments in places like Florida, Tennessee,Texas and Arizona. The firm doesn’t own any apartments yet in the Chicago area but has signed contracts to buy properties in Hoffman Estates and Naperville where it plans to develop new rental buildings, Mr. Cavenaugh said.racts to buy properties in Hoffman Estates and Naperville where it plans to develop new rental buildings, Mr. Cavenaugh said.

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

Stoneleigh Companies and Arris Investments Announce the Closing of M2 Apartments – Denver, Colorado

BARRINGTON, IL – September 25, 2012 – Stoneleigh Companies, LLC and Arris Investments LLC announce the acquisition of 13.8 acres of vacant land along with the closing of the construction loan for the 298 unit apartment project called M2 Apartments in Denver, Colorado. The property is the ninth 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 “M2 Apartments is our second new construction project started in the past year and will be a unique new product in the Southwest region of Denver. Our M2 concept will provide the highest quality of suburban Denver living in a market that has seen no new construction since we built Monterey Apartments in 2001. We were fortunate to acquire this in-fill location with tremendous retail and lifestyle amenities. We’ve been in the development stage for 18 months and will begin construction on October 1st.”

“US Bank is providing the construction loan for the project and our investment partner is Arris Investments. The strength of the Colorado multi-family market, coupled with two great institutions as our partners, will make M2 Apartments the best new community available to the residents of Denver and Littleton, Colorado. The unit finishes and amenities offered will be best-in-class for this established residential neighborhood.”

James O’Kane, Chief Investment Officer, said “The M2 closing follows the acquisition of five properties by Stoneleigh in the past year. Stoneleigh also started construction in December 2011 on the Silver Springs at Forney rental community to deliver 80 units of high quality affordable senior living to that market. Silver Springs will be completed and fully leased by the end of 2012. With 2,378 units in its portfolio, Stoneleigh has formed Waterford Residential, LLC as its private label management company to operate each of its communities.”

Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 35,000 units since 1984. In addition to its recent acquisitions Stoneleigh has three projects in the development pipeline in Denver, Houston and Chicago that will add 809 units over the next two years. An additional 610 units of acquisitions are under contract in its current markets.

Arris Investments (www.arrisinvestments.com) is Los Angeles based real estate investment manager providing joint venture equity to qualified operating partners with value added business plans across asset types in the western United States.

Download M2 Apartments Press Release PDF

 

 

M2 Apartments – The Denver Post

Stoneleigh to develop 298-unit apartment project in Denver

The Denver Post | Howard Pankratz | September 26, 2012

Stoneleigh Companies LLC and Arris Investments LLC announced on Wednesday the acquisition of 13.8 acres of vacant land along with the closing of a construction loan for the 298-unit apartment project called M2 Apartments in Denver.

Stoneleigh said the property is the ninth multi-family project developed or acquired by it in the past three years and adds a new major market to its investment portfolio.

The project will be located on the southeast corner of South Balsam Way and West Stanford Avenue, according to Chic Hall, senior vice president of Stoneleigh Companies.

Rick Cavenaugh, president of Stoneleigh, said M2 Apartments “will be a unique new product in the southwest region of Denver.

“Our M2 concept will provide the highest quality of suburban living in a market that has seen no new construction since we built Monterey Apartments in 2001.”

He said the location has “tremendous retail and lifestyle amenities.”

Construction will begin on Oct. 1.

Cavenaugh said US Bank is providing the construction loan for the project and Stoneleigh’s investment partner is Arris Investments.

“The strength of the Colorado multi-family market, coupled with two great institutions as our partners, will make M2 Apartments the best new community available to the residents of Denver and Littleton,” he added.

Stoneleigh Companies Announces the Acquisition of Waterford Landings Apartments – Clarksville, Tennessee

BARRINGTON, IL – March 15, 2012 – Stoneleigh Companies, LLC announces the acquisition of the 364 unit Waterford Landings Apartments in Clarksville, Tennessee. The purchase was financed thru a new loan issued by Nationwide Life Insurance Company. The property is the seventh multi-family acquisition by Stoneleigh in the past three years and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, stated “Our investment model remains acquiring apartment properties in great locations with our own equity while taking advantage of the current debt market. With rates at all time lows and the strength of the Clarksville market firmly established, we are excited about adding Waterford Landings to our portfolio.”

The Waterford Landings acquisition follows the purchase of the 1,040 unit Texas Waterford portfolio in November 2011. Stoneleigh acquired the portfolio of four properties built in 2008 and located in San Antonio and Midland Texas and is implementing a modest capital improvement program to improve the already strong performance of the assets. Stoneleigh also started construction in December 2011 on the Silver Springs at Forney rental community with a joint venture partner to deliver 80 units of high quality affordable senior living to that market.

With 2,280 units in its portfolio, Stoneleigh has formed Waterford Residential, LLC as its private label management company to operate each of its communities and will continue with the branding of its properties under the Waterford Residential banner.

Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 35,000 units since 1984. In addition to its recent acquisitions Stoneleigh has two projects in the development pipeline in Denver and Chicago that will add 512 units over the next two years.

Download Stoneleigh Release Waterford Landings PDF

Stoneleigh Companies Announces the Acquisition of Waterford Park Apartments – Converse, Texas

BARRINGTON, IL – November 8, 2011 – Stoneleigh Companies, LLC announces the acquisition of the 224 unit Waterford Park Apartments in Converse, Texas, a San Antonio suburb. The purchase was financed thru a loan issued by Key Corp Real Estate Capital Markets, Inc. on behalf of Freddie Mac’s CME program. The property is the fourth multi-family acquisition by Stoneleigh in the past two years and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, states “Our investment model is to buy existing apartment properties in great locations with internal equity while using advantageous debt structures. With debt rates at all-time lows and the strength of the San Antonio market firmly established, we are excited about adding Waterford Park to our portfolio.”

The Waterford Park acquisition is part of a four property portfolio bought by Stoneleigh this week and follows the purchase of Boca Vista Apartments in Orlando in December 2009 and Waterford Hills in Charlotte in November 2010.

James O’Kane, Senior Vice President – Acquisitions/Capital Markets said “Texas has always been a key focus as we are building our investment portfolio and we are excited about buying 1,040 units in Midland and San Antonio. These markets continue to outperform their peers and will be a key building block for Stoneleigh Companies.”

Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family and development disciplines. Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 35,000 multi-family units in 37 cities and 19 states. Three new projects are slated in Texas and Colorado for 2012.

Download Stoneleigh Release Waterford Park PDF

Stoneleigh Companies Announces the Acquisition of Waterford Place Apartments – New Braunfels, Texas

BARRINGTON, IL – November 8, 2011 – Stoneleigh Companies, LLC announces the acquisition of the 228 unit Waterford Place Apartments in New Braunfels, Texas, a San Antonio suburb. The purchase was financed thru a loan issued by Key Corp Real Estate Capital Markets, Inc. on behalf of Freddie Mac’s CME program. Theproperty is the fourth multi-family acquisition by Stoneleigh in the past two years and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, states “Our investment model is to buy existing apartment properties in great locations with internal equity while using advantageous debt structures. With debt rates at all-time lows and the strength of the San Antonio market firmly established, we are excited about adding Waterford Place to our portfolio.”

The Waterford Place acquisition is part of a four property portfolio bought by Stoneleigh this week and follows the purchase of Boca Vista Apartments in Orlando in December 2009 and Waterford Hills in Charlotte in November 2010.

James O’Kane, Senior Vice President – Acquisitions/Capital Markets said “Texas has always been a key focus as we are building our investment portfolio and we are excited about buying 1,040 units in Midland and San Antonio. These markets continue to outperform their peers and will be a key building block for Stoneleigh Companies.”

Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family and development disciplines. Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 35,000 multi-family units in 37 cities and 19 states. Three new projects are slated in Texas and Colorado for 2012.

Download Stoneleigh Release Waterford Place PDF

Stoneleigh Companies Announces the Acquisition of Waterford Ranch Apartments – Midland, Texas

BARRINGTON, IL – November 8, 2011 – Stoneleigh Companies, LLC announces the acquisition of the 300 unit Waterford Ranch Apartments in Midland, Texas. The purchase was financed thru a loan issued by Key Corp Real Estate Capital Markets, Inc. on behalf of Freddie Mac’s CME program. The property is the fourth multi-family acquisition by Stoneleigh in the past two years and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, states “Our investment model is to buy existing apartment properties in great locations with internal equity while using advantageous debt structures. With debt rates at all-time lows and the strength of the Midland market firmly established, we are excited about adding Waterford Ranch to our portfolio.”

The Waterford Ranch acquisition is part of a four property portfolio bought by Stoneleigh this week and follows the purchase of Boca Vista Apartments in Orlando in December 2009 and Waterford Hills in Charlotte in November 2010.

James O’Kane, Senior Vice President – Acquisitions/Capital Markets said “Texas has always been a key focus as we are building our investment portfolio and we are excited about buying 1,040 units in Midland and San Antonio. These markets continue to outperform their peers and will be a key building block for Stoneleigh Companies.”

Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family and development disciplines. Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 35,000 multi-family units in 37 cities and 19 states. Three new projects are slated in Texas and Colorado for 2012.

Download Stoneleigh Release Waterford Ranch PDF

Stoneleigh Companies Announces the Acquisition of Waterford Ridge Apartments – Schertz, Texas

BARRINGTON, IL – November 8, 2011 – Stoneleigh Companies, LLC announces the acquisition of the 288 unit Waterford Ridge Apartments in Schertz, Texas, a San Antonio suburb. The purchase was financed thru a loan issued by Key Corp Real Estate Capital Markets, Inc. on behalf of Freddie Mac’s CME program. The property is the fourth multi-family acquisition by Stoneleigh in the past two years and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, states “Our investment model is to buy existing apartment properties in great locations with internal equity while using advantageous debt structures. With debt rates at all-time lows and the strength of the San Antonio market firmly established, we are excited about adding Waterford Ridge to our portfolio.”

The Waterford Ridge acquisition is part of a four property portfolio bought by Stoneleigh this week and follows the purchase of Boca Vista Apartments in Orlando in December 2009 and Waterford Hills in Charlotte in November 2010.

James O’Kane, Senior Vice President – Acquisitions/Capital Markets said “Texas has always been a key focus as we are building our investment portfolio and we are excited about buying 1,040 units in Midland and San Antonio. These markets continue to outperform their peers and will be a key building block for Stoneleigh Companies.”

Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family and development disciplines. Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 35,000 multi-family units in 37 cities and 19 states. Three new projects are slated in Texas and Colorado for 2012.

Download the Stoneleigh Release Waterford Ridge PDF

Stoneleigh Companies, LLC Announces the Acquisition of Waterford Hills Apartments – Charlotte, North Carolina

Barrington, IL (PRWEB) November 19, 2010 — Stoneleigh Companies, LLC announces the acquisition of the 270 unit Waterford Hills Apartments in Charlotte, North Carolina. The purchase was financed through a new long term loan issued by Wells Fargo on behalf of Freddie Mac’s CME program. The property is the third multi-family property acquisition by Stoneleigh in the past year and adds a new market to its investment portfolio.

Rick Cavenaugh, President of Stoneleigh, stated “Our investment model is to buy existing apartment properties in great locations with our own equity while using advantageous debt structures. With debt rates at all time lows and the recovery of the Charlotte market firmly established, we are excited about adding Waterford Hills to our port folio.”

The Waterford Hills acquisition follows the purchase of Chatham Harbor Apartments in Orlando, FL in December 2009. The renovation and repositioning of Chatham Harbor will be completed by December 2010 with occupancy in the high 90’s and concessions reduced below market.

Stoneleigh Companies is a private real estate investment and development company with an extensive track record in multi-family, office, land development and for-sale residential disciplines. Since 1984, the Stoneleigh team has been responsible for the acquisition and development of over 35,000 multi-family units in 36 cities and 19 states.

Download the Stoneleigh Release Waterford Hills PDF