Barrington, IL (PRWEB) September 26, 2012
Stoneleigh Companies, LLC and Arris Investments LLC announce the acquisition of 13.8 acres of vacant land along with the closing of the construction loan for the 298 unit apartment project called M2 Apartments in Denver, Colorado. The property is the ninth multi-family project acquired/developed by Stoneleigh in the past three years and adds a new major market to its investment portfolio.
Rick Cavenaugh, President of Stoneleigh, stated “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. Our M2 concept will provide the highest quality of suburban Denver living in a market that has seen no new construction since we built Monterey Apartments in 2001. We were fortunate to acquire this in-fill location with tremendous retail and lifestyle amenities. We’ve been in the development stage for 18 months and will begin construction on October 1st.”
“US Bank is providing the construction loan for the project and our investment partner is Arris Investments. The strength of the Colorado multi-family 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, Colorado. The unit finishes and amenities offered will be best-in-class for this established residential neighborhood.”
James O’Kane, Chief Investment Officer, said “The M2 closing follows the acquisition of five properties by Stoneleigh in the past year. Stoneleigh 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 2012. 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.”
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 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.
Arris Investments (http://www.arrisinvestments.com) is Los Angeles based real estate investment manager providing joint venture equity to qualified operating partners with value added business plans across asset types in the western United States.
Chief Investment Officer