SWBC Real Estate Sells Stoneleigh Apartments
Print
SAN ANTONIO/DALLAS (November 29, 2021) – SWBC Real Estate, LLC, announced that it recently sold its Corpus Christi multifamily complex, Stoneleigh Apartments. Berkadia Real Estate Advisors – Austin Office handled the sale for SWBC Real Estate. This property was part of the company’s value-add program.
“Stoneleigh Apartments are located one block south of State Highway 358/South Padre Island Drive (SPID),” said Chase Addington, VP of SWBC Real Estate. “This well-positioned property, near the area’s largest employers and retailers, made the property a perfect fit for our value-add program.”
SWBC Real Estate purchased the property in 2019 and invested $3.3 million of interior upgrades, which included new appliances, faux-wood flooring, refinished cabinet fronts and hardware, new countertops, updated light fixtures, and two-inch blinds. Another $200,000 went toward the design and update of the leasing office/clubhouse, as well as other deferred maintenance and upgrades of the exterior. The Stoneleigh Apartments were built in three separate phases completed in 2005, 2006, and 2008. The garden-style community includes 348 units consisting of one-bedroom and two-bedroom apartments – all of which still contained the original interior finish-outs when SWBC Real Estate purchased the property. Amenities include a clubhouse, fitness center, community room with a kitchen, and three swimming pools.
“We were thrilled with Stoneleigh’s performance over the last 24 months – even during the depths of the pandemic the property was well leased and residents were very receptive to the new upgrades,” said Addington.
GVA Management, out of Austin, purchased the property for an undisclosed amount.
About SWBC Real Estate
SWBC Real Estate, LLC (www.swbcrealestate.com) is owned by SWBC Enterprises, Ltd. SWBC Real Estate is managed by an experienced team of real estate professionals located in Dallas, Texas, with a primary focus in multi-family development. SWBC Enterprises, Ltd. is owned by Charlie Amato and Gary Dudley, co-founders of SWBC. SWBC is a diversified financial services company providing a wide range of insurance, mortgage, and investment services to financial institutions, businesses, and individuals. With offices across the country, SWBC is committed to providing quality products, outstanding service, and customized solutions in all 50 states. For more information, visit www.swbc.com.