October 20, 2016
Firm Managing 29SC's Fifth Houston-Area Community
Atlanta/Houston (October 2016) – Multifamily property management firm Stonemark Management has been contracted to manage another Houston-area community for 29th Street Capital (29SC). Stonemark is now leasing Barringer Square Apartments, formerly know as Clear Lake Condominiums. It is also supervising a $2 million renovation of the community, which has 284 one- and two-bedroom apartments.
29th Street Capital, a privately-held real estate investment and advisory firm, acquired the Webster, Texas community in late September. Stonemark now manages seven communities for 29SC, including five in or near Houston.
“We are excited about the opportunity to make a big difference in this community,” said Stonemark President Walt Lamperski. “Marketing, leasing and supervising large renovations like this are our strong points, and we look forward to continuing to work closely with 29SC. Our goals and skills are well-aligned,” he added.
“We are very excited about this asset’s potential and are looking forward to implementing and executing our business plan with the Stonemark team,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for Texas and Georgia.
Apartment upgrades include new paint, flooring, carpets and faux-wood blinds. Kitchens will be fitted with new stainless steel appliances, counters and back splashes; cabinets will get updated finishes and hardware. Improvements are planned for the community clubhouse and landscaping, and repairs will soon get underway for the roofs and parking area.
While many current residents include single people and young couples, the addition of a brand new playground, grilling area and dog park is expected to attract more families.
The community is located near NASA’s Johnson Space Center and Ellington Airport, which is expected to become a spaceport in the next two years. Plus, Baybrook Mall is just minutes away. Although it has been a rental community for several years, it was previously known as Clear Lake Condominiums.
About The Stonemark Group The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Texas and Virginia. The group includes Atlanta-based Stonemark Equities and Stonemark Management. For more information, visit www.stonemarkmanagementllc.com.
Media Contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com