Stoneleigh Companies to Develop Multifamily OZ Project in St. Paul
GlobeSt | John Jordan | July 24, 2019
ST. PAUL, MN—Stoneleigh Companies LLC of Barrington, IL reports it has acquired a 10-acre development parcel along the Mississippi River here where it will build the 242-unit Waterford Bay Apartments community.
The property is located in the Saint Paul Opportunity Zone segment and when completed Waterford Bay will be one of the first Opportunity Zone projects in St. Paul. No financial terms of the land purchase were disclosed.
“The City of St. Paul has been tremendous to work with throughout the entire approval process,” says Josh Wohlreich, SVP – development, Stoneleigh Companies. “Projects of this scale and complexity typically take far longer to be reviewed and approved. The city and those in the community with a vested interest in this site have provided meaningful feedback that has resulted in a superior project. The city has embraced the vision we have for this site. Clearly, Saint Paul is open for business.”
Construction on Waterford Bay is scheduled to begin this fall, making it one of the first Opportunity Zone projects to break ground in the Midwest.
The four-story podium building will consist of micro-units, studios, one-bedroom and two-bedroom homes. Residences will nine-foot ceilings, quartz countertops, stainless steel appliances, USB outlets with LED lighting throughout, high-efficiency HVAC, SALTO keyless access system, high-speed internet connectivity, private balconies, shaker-style cabinets and hardwood-inspired luxury floors.
The development is planning public access to the river with the addition of a kayak/small boat launch and expanding the regional bike/walking path trail system through the site. A portion of the land will be dedicated to the city for park space along the riverfront, accessible to the public by the extension of the bike/walking path.
Community amenities will include views of the Mississippi River with access to the rowing basin, an outdoor heated pool and landscaped amenity deck with four-seasons porch, outdoor grilling stations and fire pit lounges. Indoor amenities include an expansive fitness center and yoga studio, resident lounge, leasing and business center with beverage center, package concierge and a rooftop clubroom with demonstration kitchen. Other features call for a secured bicycle storage, dog wash station and indoor parking garage with electric car charging stations, a loading dock and direct-access large elevators to both the garage and the outdoor public spaces.
Stoneleigh Companies is a private real estate investment company focused on acquisition and development of multifamily properties, with a track record of more than 40,000 multifamily units in 35 cities and 18 states over the last 36 years.
Earlier this month, Stoneleigh Companies announced the sale of two apartment communities located in Midland, TX—Waterford Lakes and Waterford at North Park.
Stoneleigh acquired Waterford Lakes and Waterford at North Park in December of 2012. Waterford Lakes, a 278-unit community, sold on June 28, 2019 with 97% occupancy. Waterford at North Park, a 200-unit community, also sold on June 28th with 95% occupancy. Stoneleigh was represented by Bart Wickard of Newmark Knight Frank in the sale.
The sale of Waterford Lakes and Waterford at North Park follow the January sale of Waterford Ranch Apartments. The 300-unit community also located in Midland was sold with 97% occupancy. Stoneleigh was represented by Newmark Knight Frank in that sale.