(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
DENVER-In a market that has seen no new construction since the builder constructed Monterey Apartments in 2001, Stoneleigh Cos. LLC is partnering with Arris Investment LLC to acquire 13.8 acres of vacant land, and the joint venture has closed on the construction loan for the 298-unit apartment project known as M2 Apartments here. The property is the ninth multifamily project acquired and developed by Stoneleigh in the past three years and adds a new major market to its investment portfolio.
According to Rick Cavenaugh, president of Stoneleigh, in a prepared statement, “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. We were fortunate to acquire this in-fill location with tremendous retail and lifestyle amenities.”
Cavenaugh added that the firm has been in the development stage for 18 months and will begin construction October 1. US Bank is providing the construction loan for the project.
“The strength of the Colorado multifamily 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, CO,” Cavenaugh said. “The unit finishes and amenities offered will be best-in-class for this established residential neighborhood.”
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.
“The M2 closing follows the acquisition of five properties by Stoneleigh in the past year,” said James O’Kane, CIO of Stoneleigh, in the statement. He added that Stoneleigh has 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 the year. 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.”
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
