Five-Year Multifamily Absorption Leads to Investor Interest

Demonstrating continued luxury rental demand, Stoneleigh on Major has sold.

BEAUMONT, TX— Stoneleigh on Major , a garden-style apartment community, offers convenient access to US 96 and major corridors throughout Beaumont. The 288-unit class-A apartment community located at 4550 North Major Dr. has been sold by the developer, Seneca Investments . Stream Realty Partners’ Jeff Patterson , senior vice president of the multifamily division, and Jonathan Boone , vice president of Stream’s multifamily division in Austin, represented the seller in the transaction. Patterson tells GlobeSt.com: “The Beaumont-Port Arthur MSA has maintained high rental rates for more than five years while absorbing more than 2,000 units. There continues to be significant demand for luxury rental housing in the area.” The two-story community was 95% leased as of April 2016. The community features two swimming pools, a fitness center, a clubhouse with a business center, detached garages with covered parking and controlled access gates. “Stoneleigh on Major is a well-located class-A community in west Beaumont, originally built in 2010 with additional units added in 2013,” said Patterson. “This is the second asset we have sold for the developer in the past 12 months. Both transactions were priced competitively and were purchased by experienced investors who performed well.” On the Louisiana border, Beaumont is credited with the first major oil discovery that changed the world forever. Travelers come from long distances to enjoy Southeast Texas’ outdoor opportunities including fishing, hunting, birding and paddling. “Southeast Texas continues to exhibit high occupancy rates and positive rent growth. There is a bit of a stigma right now with some markets that are heavily influenced by the oil and gas industry, but there is also ignorance as to how different markets are impacted. Beaumont and Port Arthur are driven more by downstream refining, petrochemical manufacturing and exporting natural gas, each of which are thriving currently,” Boone says. Stream is a full-service national real estate investment, development and services company.