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.