Stoneleigh Apartments, a garden-style property, includes 348 units consisting of one- and two-bedroom apartments.
CORPUS CHRISTI, TX—SWBC Real Estate has acquired Stoneleigh Apartments, a multifamily property located one block south of State Highway 358/South Padre Island Dr. for an undisclosed price. The property was brought to SWBC from Berkadia's Austin office as an off-market transaction. The property was 95% occupied at the time of closing.
Stoneleigh Apartments were built in three separate phases completed in 2005, 2006 and 2008. The garden-style community includes 348 units consisting of one- and two-bedroom apartments–all of which still contain the original interior finish-outs.
During the coming months, SWBC Real Estate plans to renovate the property by investing $3.3 million of interior upgrades which include new appliances, refinished cabinet fronts and hardware, new countertops, updated light fixtures and two-inch blinds. Another $200,000 will go toward the design and update of the leasing office/clubhouse, as well as any other deferred maintenance or upgrades of the exterior.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
