Stoneleigh Companies Announces the Closing of Land Acquisition for Waterford Springs Apartments

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Stoneleigh Companies, LLC announces the acquisition of 41 acres of land in north Houston adjacent to the Woodlands.

Stoneleigh Companies, LLC announces the acquisition of 41 acres of land planned for the construction of the 600 unit Waterford Springs Apartments located in north Houston adjacent to the Woodlands.

Rick Cavenaugh, President of Stoneleigh, stated “Waterford Springs will be our first development project in the Houston area since 2003 and will take advantage of the ongoing growth of the Woodlands market. Our enthusiasm for the project is buoyed with the excellent job growth forecast centered on the Exxon headquarters and other major corporate relocations to that area. We expect to break ground in the second quarter of 2013 on Phase I with 312 units in what will be one of the best quality multi-family projects in the area.”

James O’Kane, Chief Investment Officer, said “Our development team has done over eight projects in Houston in the past twenty years and Waterford Springs is an exciting new opportunity for the company. In keeping with our long term commitment to high quality apartments, through both acquisition and new construction, we believe that this project will set a new standard for excellence, design and sustainable living in the Woodlands market.”

Chic Hall, Senior Vice President of Finance, stated “the acceptance of the project from the institutional finance community has been positive with the rapid jobs expansion in the local community being one of the best economic stories in the country. The Waterford Springs location on Gosling Road takes advantage of a great location just outside the Woodlands that will provide excellent access to the new Grand Parkway expansion, Exxon world headquarters and all the retail benefits of the Woodlands master planned complex.”

Stoneleigh Companies is a private real estate investment and development company with an extensive team track record of over 36,000 units since 1984. Current corporate activity highlights include: a 678 units acquired in December 2012; the 298 unit M2 project under construction in Denver; 1,020 units under contract for acquisition in February 2013; a major adaptive reuse project in Chicago..

CONTACT:    

Rick Cavenaugh            
President                
Stoneleigh Companies        
rcavenaugh(at)stoneleighcos(dot)com        
(224) 770-4600    

James O’Kane    President                
Chief Investment Officer    
Stoneleigh Companies        
jokane(at)stoneleighcos(dot)com    
(480) 922-6588

Chic Hall
SVP - Finance
Stoneleigh Companies
chall(at)stoneleighcompanies(dot)com
(303) 483-1890

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Kelley Lynch
Stoneleigh Companies
(224) 770-4600
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