Specific development costs weren't available, but Wachovia Corp. of Charlotte, NC has funded the development. Carey Levy, president of Passco Cos. in Irvine, CA, says the Stoneleigh on Kenswick at 19800 Kenswick Dr. is the first project with Dallas-based Seneca Investments.

Levy tells GlobeSt.com that Stoneleigh on Kenswick is underwritten for a three- to five-year hold. The project will sit on 15 acres, a mix of one- and two-bedroom units ranging from 525 sf to 934 sf. Rents have not been set.

"The site is very well located and has a lot of trees," Levy says. "This is next to a 245-acre reserve park that's slated for amenities like hiking, biking and canoeing." WSI Architects Inc. of Dallas designed the complex; KWA Construction, also from Dallas, is building it.

Passco's other holdings fall within its hold window, but Levy says disposition isn't on the horizon. The company also owns the 382-unit Raveneaux Apartments at 14500 Cutten Rd. and 504-unit Villa Toscana at 9125 Texas 6 North.

"We believe in the development and investment side," Levy says. "Between now and the first quarter of next year, we'll put more effort into acquiring properties at a reasonable price. Passco will be more of a net buyer in the foreseeable future."