ARLINGTON, TX – Multifamily real estate company Stonemark Equities has acquired the 250-unit Southern Hills Apartment Homes in Arlington, Tex. Stonemark will invest $1.3 million into renovating the property, located in the Dallas/Ft. Worth metro area, and rebrand it as The Mark at 2600.
The acquisition is Stonemark’s first joint venture with equity partner 29th Street Capital (29SC), a privately-held real estate investment and advisory business based in San Francisco. The companies are also seeking additional strategic acquisitions in the Southeast, Mid-Atlantic and Texas.
“Having 29th Street Capital as our long-term partner puts us in a position to acquire more value-add and repositioning opportunities,” said Michael Taylor, CEO of the Stonemark Group. “This acquisition fits our goals of being near healthy employment centers with strong schools and leisure options, where capital improvements and Stonemark Management’s services can improve the community’s performance.”
“This asset is a great addition to our high net worth fund with strong cash flow and future upside,” said Robb Bollhoffer, Managing Partner at 29SC. “We are also excited to close our first deal with Stonemark, a company with an impressive reputation and significant growth potential.”
Planned renovations at the newly-purchased Arlington community include clubhouse, fitness center, pool, playground and exterior improvements. The firm will install new black appliances in every apartment while updating many countertops and fixtures. The pet-friendly community has one-, two- and three-bedroom apartments.
The transaction closed Oct. 31 for an undisclosed price. The seller was a group of individual owner/investors.
Stonemark and 29th Street Capital are looking for additional acquisitions in first and second tier markets.
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management.