A rendering of Waterford Bay Apartments. Photo Courtesy of Stoneleigh Companies LLC A rendering of Waterford BayApartments. Photo Courtesy of Stoneleigh Companies LLC

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ST. PAUL, MN—Stoneleigh Companies LLC of Barrington, IL reportsit has acquired a 10-acre development parcel along the MississippiRiver here where it will build the 242-unit Waterford BayApartments community.

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The property is located in the Saint Paul Opportunity Zonesegment and when completed Waterford Bay will be one of the firstOpportunity Zone projects in St. Paul. No financial terms of theland purchase were disclosed.

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“The City of St. Paul has been tremendous to work withthroughout the entire approval process,” says Josh Wohlreich, SVP –development, Stoneleigh Companies. “Projects of this scale andcomplexity typically take far longer to be reviewed and approved.The city and those in the community with a vested interest in thissite have provided meaningful feedback that has resulted in asuperior project. The city has embraced the vision we have for thissite. Clearly, Saint Paul is open for business.”

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Construction on Waterford Bay is scheduled to begin this fall,making it one of the first Opportunity Zone projects to breakground in the Midwest.

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The four-story podium building will consist of micro-units,studios, one-bedroom and two-bedroom homes. Residences willnine-foot ceilings, quartz countertops, stainless steel appliances,USB outlets with LED lighting throughout, high-efficiency HVAC,SALTO keyless access system, high-speed internet connectivity,private balconies, shaker-style cabinets and hardwood-inspiredluxury floors.

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The development is planning public access to the river with theaddition of a kayak/small boat launch and expanding the regionalbike/walking path trail system through the site. A portion of theland will be dedicated to the city for park space along theriverfront, accessible to the public by the extension of thebike/walking path.

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Community amenities will include views of the Mississippi Riverwith access to the rowing basin, an outdoor heated pool andlandscaped amenity deck with four-seasons porch, outdoor grillingstations and fire pit lounges. Indoor amenities include anexpansive fitness center and yoga studio, resident lounge, leasingand business center with beverage center, package concierge and arooftop clubroom with demonstration kitchen. Other features callfor a secured bicycle storage, dog wash station and indoor parkinggarage with electric car charging stations, a loading dock anddirect-access large elevators to both the garage and the outdoorpublic spaces.

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Stoneleigh Companies is a private real estateinvestment company focused on acquisition and development ofmultifamily properties, with a track record of more than 40,000multifamily units in 35 cities and 18 states over the last 36years.

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Earlier this month, Stoneleigh Companies announced the sale oftwo apartment communities located in Midland, TX—Waterford Lakesand Waterford at North Park.

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Stoneleigh acquired Waterford Lakes and Waterford at North Parkin December of 2012. Waterford Lakes, a 278-unit community, sold onJune 28, 2019 with 97% occupancy. Waterford at North Park, a200-unit community, also sold on June 28th with 95%occupancy. Stoneleigh was represented by Bart Wickard of NewmarkKnight Frank in the sale.

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The sale of Waterford Lakes and Waterford at North Park followthe January sale of Waterford Ranch Apartments. The 300-unitcommunity also located in Midland was sold with 97% occupancy.Stoneleigh was represented by Newmark Knight Frank in thatsale.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.