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.