HOUSTON, TEXAS - 29th Street Capital (29SC) has hired Stonemark Management to manage three multifamily communities in the Houston, Texas area. Stonemark is now managing:
- Casa Palmas, a 308-unit community in Pasadena
- Harbor Walk, a 138-unit community in League City
- The Flats at South Shore, a 176-unit community, also in League City.
Stonemark’s responsibilities include managing and leasing the communities while supervising an ongoing $2.3 million renovation project.
“We are excited to be working with Stonemark on our new acquisitions in Houston and look forward to continuing to grow our platform with them, said Javier C. Bustillo, Senior Vice President at 29th Street Capital. “As an owner, it is extremely important to be able to trust and depend on the management company to be proactive, and a true partner, and we could not be more pleased with the value Stonemark has brought to the table.”
The results are already paying off at Casa Palmas, where occupancy is rising. The apartments, which Stonemark began managing in September of 2015, are getting new appliances, lighting and other touches. New laundry washers and dryers arrive soon, the curb appeal is improving, and drainage improvements helped minimize issues during recent heavy flooding.
Big changes are also underway at Harbor Walk and The Flats at South Shore, which joined the portfolio in February. Harbor Walk is getting a modernized leasing office, upgraded fitness center, pool deck, fencing, playground equipment and grilling area. Renovations at The Flats at South Shore (formerly known as Crow’s Nest) include freshly-painted exteriors and siding repairs. The community is also getting a large new pool deck and business center. An upgraded and expanded fitness center is also planned. New roof installations on all the buildings are already underway.
“These properties are in very good locations, yet had very little capital spent before 29SC acquired them,” said Stonemark President Walt Lamperski. “They present an opportunity to physically upgrade the assets and enhance their desirability to renters and returns to investors. We are glad to be part of the team that makes that happen.”
About The Stonemark Group
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Texas and Virginia. The group includes Atlanta-based Stonemark Equities and Stonemark Management. For more information, visit www.stonemarkmanagementllc.com.