Stoneleigh Acquires Four New Multifamily Properties, Greystar to Manage
- Dec 07, 2011
San Antonio—Stoneleigh Companies LLC, a private real estate investment and development company, has announced the acquisition of a four-property multifamily portfolio in San Antonio and Midland, Texas. Greystar will take on the property management of this portfolio, rebranded as part of the Waterford family of communities.
“We are excited to expand our national relationship with the Stoneleigh Companies by the addition of this portfolio into Central and West Texas,” Savanna Bogardus, managing director, Greystar, Austin/San Antonio region, tells MHN. “As the largest multi-family property manager in Texas, we are confident Greystar will bring a national presence coupled with local expertise to the operation of these assets. Greystar is committed to helping our clients, such as Stoneleigh, achieve their goals; it is a partnership we are proud to be a part of. This addition brings the Greystar Central Texas portfolio to just over 20,000 units and our Midland/Odessa presence to over 1,250 units.”
The largest of the acquisitions is Waterford Ranch, which includes 300 units in Midland. In San Antonio, there are 288-unit, 228-unit and 224-unit buildings.
“Texas has always been a key focus as we are building our investment portfolio, and we are excited about buying 1,040 units in Midland and San Antonio,” James O’Kane, senior vice president of acquisitions/capital markets for Stoneleigh, says in a press statement. “These markets continue to outperform their peers and will be a key building block for Stoneleigh Companies.”
These four properties are the fourth multifamily acquisition by Stoneleigh in the past two years.