March 05, 2015
Atlanta (March 5, 2015) – Stonemark Management is making big strides into new markets. The firm is now managing multifamily communities in Arizona, while expanding its management portfolio in Texas.
In Mesa, Arizona, near Phoenix, Stonemark is now managing agent for The Brittany Apartments, which has 92 units, and Sierra Madre, a 206-unit property. The firm is supervising more than $1.3 million in renovations over the next two years. Residents at both communities will receive new appliances, flooring and fixtures. Improvements are also planned for the pool areas, landscaping and exteriors. Plus, the Brittany will get better heating and air conditioning, while Sierra Madre’s fitness center and leasing office will be refurbished.
Stonemark also added another Houston, Texas community to its management portfolio – Ashley Park, which is being renamed The Edge at City Centre. The firm is managing a $2.1 million renovation of the 284-unit property, which will get a brand new fitness center and laundry room. Plans include upgrading the interiors, exteriors, both pool areas, the clubhouse, landscaping, signs and the parking lot.
Privately held real estate investment firm 29th Street Capital recently acquired all three communities, choosing Stonemark to manage its new assets.
“Stonemark has been an excellent management partner, and we look forward to the added value its team will bring to these properties,” said 29SC Managing Partner Robb Bollhoffer.
Stonemark now manages apartment communities in 10 states, and is looking to further expand its footprint.
“Stonemark is actively seeking management and partnership opportunities in Southeastern and Southwestern markets,” said Michael Taylor, CEO of The Stonemark Group. “We pride ourselves on our depth of experience in the management, leasing, marketing, due diligence, design, development and rehabilitation of multifamily properties.”
About The Stonemark Group
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Southwest, Midwest and Mid-Atlantic states. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management. For more information, visit www.stonemarkmanagementllc.com.