Stream Realty Partners, a full-service national real estate investment, development and services company, announced today it has closed the sale of Stoneleigh on Major, a 288-unit, Class A, garden-style apartment community located at 4550 North Major Drive in Beaumont, Texas.
Jeff Patterson, senior vice president of Stream’s multifamily division, and Jonathan Boone, vice president of Stream’s multifamily division in Austin represented the developer, Seneca Investments, in the transaction.
“This is the second asset we have sold for the developer in the past 12 months. Both transactions were priced competitively and were purchased by experienced investors who performed well,” said Patterson. “Stoneleigh on Major is a well-located, Class-A community in west Beaumont, originally built in 2010 with additional units added in 2013.”
Jon Boone added, “Southeast Texas continues to exhibit high occupancy rates and positive rent growth. There is a bit of a stigma right now with some markets that are heavily influenced by the oil and gas industry, but there is also ignorance as to how different markets are impacted. Beaumont and Port Arthur are driven more by downstream refining, petrochemical manufacturing and exporting natural gas, each of which are thriving currently”
The two-story community was 95 percent leased as of April 2016 and offers convenient access to US 96 and major corridors throughout Beaumont. The community features two swimming pools; fitness center; clubhouse with a business center; detached garages with covered parking and controlled access gates.
Stream Realty Partners
Stream Realty Partners, L.P. (Stream) is a national, commercial real estate firm with locations across the country. Stream’s full-service offerings cover the broad spectrum of leasing, management, development, construction, and investment sales services across the commercial and multifamily industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996, Stream has grown from its two original partners to a staff of more than 650 real estate professionals nationwide with regional offices in Atlanta; Austin; Charlotte; Dallas; Denver; Fort Worth; Houston; San Antonio; Southern California; and, Washington, D.C. Stream currently has more than 120 million square feet of assignments across the nation; completes over $2.4 billion in real estate transactions annually; and is considered one of the most active investors and developers in the real estate industry. www.streamrealty.com
