Stoneleigh Apartments, a garden-style property, includes 348 units consisting of one- and two-bedroom apartments.
CORPUS CHRISTI, TX—SWBC Real Estate has acquired Stoneleigh Apartments, a multifamily property located one block south of State Highway 358/South Padre Island Dr. for an undisclosed price. The property was brought to SWBC from Berkadia's Austin office as an off-market transaction. The property was 95% occupied at the time of closing.
Stoneleigh Apartments were built in three separate phases completed in 2005, 2006 and 2008. The garden-style community includes 348 units consisting of one- and two-bedroom apartments–all of which still contain the original interior finish-outs.
During the coming months, SWBC Real Estate plans to renovate the property by investing $3.3 million of interior upgrades which include new appliances, refinished cabinet fronts and hardware, new countertops, updated light fixtures and two-inch blinds. Another $200,000 will go toward the design and update of the leasing office/clubhouse, as well as any other deferred maintenance or upgrades of the exterior.
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